riverglen financial associates


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When a person becomes ill or suffers a disability that makes them unable to carry out their activities of daily living, with the likelihood that this will continue over the long term, they may require care whether in their own surroundings or in a residential home.

This is a situation many families face and arrangements both immediately and for the future have to be made, including the funding of that care.

Since the Community Care Act, which was passed in 1990, the responsibility for providing care has been transferred to Local Authorities. The NHS will only provide and/or pay for the Nursing Care Service Component of a person’s long-term care service needs. All other costs and services associated with long-term care are the individual’s responsibility.

The assessment of an individuals’ contribution to the cost of that care is covered by CRAG (Charges for Residential Accommodation Guide). This is a complex area and may require specialist advice with the help of qualified professionals, such as a Solicitor, Social Services and an Independent Financial Adviser.

Immediate Needs Annuity

A possible consideration would be to have an immediate Care annuity. This plan is designed for individuals who are unable to look after themselves, require assistance and/or have a restricted life expectancy. A lump sum is used to purchase an annuity, which guarantees to pay a series of regular payments (generally monthly) for the rest of the annuitant’s life and is based upon a number of factors, primarily age and health.

We can help with Care Fees Planning and advise on the many issues involved, these include:

• Assessing your current and future needs
• Analysis of any shortfalls
• Identifying the best way to fund care
• Advising on relevant State Benefits
• Explanation of entitlements
• Estate Planning – including Wills and Lasting Power of Attorney

The Financial Conduct Authority does not regulate taxation and trust and will writing.