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Those who are looking for the opportunity to cap the amount they have to spend on care costs do still have the option to buy a care fees payment plan (sometimes called a care annuity).
If affordable, this type of plan secures a guaranteed income for life and means that the balance of the estate is protected against future, ongoing care costs.
There are two versions of the plan – one that you buy with a lump sum, up front payment which starts paying an income straight away…Read More
Plans to cap the cost of care at £72,000 have been shelved until 2020 after lobbying from cash-strapped local councils.
The Department for Health said in an announcement that it was still ‘committed to implementing the cap on care costs’ but the implementation date would move from 2016 to 2020.
The change in deadline has come after lobbying from the Local Government Association (LGA), which represents councils. The LGA is concerned that councils, which have been hit by budget cuts, will not be able to afford to…Read More
While the introduction of the £72,000 limit on care spending has been widely anticipated, Partnership has warned that many consumers may need to spend the equivalent of the value of their home before they reach it.
The typical English homeowner would need to spend £177,500 on social care costs over more than six years before they hit the cap, according to Partnership, which calculated this is equivalent to 92 per cent of their housing equity (£193,426).
Under the new system, while a person in England may spend…Read More
The planned cap on the cost of residential care will help only a small minority of elderly men and women according to a report recently issued by the Institute and Faculty of Actuaries.
The report suggests that just 8% of men and 15% of women entering care aged 85 are expected to reach the £72,000 cap that is due to be introduced in 2016.
Under the proposals, a person’s care home fees will effectively be split into 3 parts – a daily living cost, a Local Authority…Read More
Come and visit us at the Alzheimer’s Show taking place at Olympia London on the 16th and 17th May. The event will give you direct access to the best information, products and services as well as practical help and solutions for families caring for a person with dementia.
Dementia Pathfinders Community Interest Company is a social enterprise providing health and well-being services for people with dementia and their families and delivering education and learning programmes for people working in the dementia care field.
They value perspectives and experiences of people with dementia and their carers and supporters. They endeavour to work with integrity to ensure that the services they deliver truly reflect the needs and wishes of people with dementia, their carers and supporters and people affected by dementia in communities and organisations.
Take a look at their Read More
A new website has been launched, providing advice and practical support to assist people wishing to downsize.
According to www.downsizingdirect.com, older homeowners could get their hands on £100,000 in capital and save up to £2,000 a year in running costs if they were able to move to a smaller property. Enabling them to move would also help to tackle the housing crisis, with “last-time buyers” potentially selling at least a million family-sized homes.
Eldercare Property Partners is pleased to be a key partner of this…Read More