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Immediate Care Plan

Immediate Care Plan

How can I meet the cost of care and stay in my own home?

Client Circumstances:

  • 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.

Recommended Solutions:

  • 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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This example is for illustrative purposes only, based on current legislation and tax allowances. Tax rules and regulations are subject to change.

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