Immediate Care Plan
How can I meet the cost of care and stay in my own home?
- Mrs Jones is an 87 year old widow.
- Lived in current house for over 60 years.
- Had severe stroke and needs constant round the clock care.
- Wants to stay in own home and not go into Care Home.
- Has income, but not sufficient to cover care and requires additional income of £20,000 pa.
- Has £200,000 held in Bank account.
- Has no immediate family members.
- Ask local authority to carry out a care assessment.
- Meet with Live-in Care agency to discuss appropriate care.
- Purchase an Immediate Care Plan for premium of £80,000.
- Ensure have Lasting Power of Attorney in place (LPA).
- Make sure Will is up to date.
Benefits from advice given:
- Able to stay in own home.
- Removes anxiety about moving into care home.
- Provides ongoing independence.
- Additional £4,227.60 of income from High Rate Attendance Allowance.
- Income from Care Plan paid directly to agency tax free.
- Should Mrs Jones need to go into care home, this income can easily be switched to care home.
- Provides additional income of £17,000 p.a. increasing by 5% pa for life.
- Escalation from care plan, to cover increasing fees.
- Mrs Jones has ensured a person of her choice can look after her personal affairs if she is later unable to.
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We will look to carry out a regular review of your circumstances, objectives, needs and portfolio performance to ensure all arrangements continue to be suitable and advise of any changes that may be appropriate.
This example is for illustrative purposes only, based on current legislation and tax allowances. Tax rules and regulations are subject to change.