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With careful Care Fees Planning, Elderly Care need not be a problem, even if they are Immediate Care Plans…
| Case study – Alice |
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Alice had a stroke last year which led to her needing to move into a Nursing home |
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Alice has £7,000 net income a year and therefore needed Financial Advice on how to provide the Cost of Care |
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The Nursing home of her choice costs £25,000 per year |
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Alice needs an extra £18,000 per year help with her Care Fees |
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Alice only had £70,000 from the sale of her property |
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The money for Life Care would have run out in four years if Alice did nothing |
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Alice bought an Immediate Lifetime Care Plan for £44,775 which guaranteed to pay the £18,000 for as long as care was needed, for life. Alice was left with £25,225 to provide for personal expenses and for increased Care Fees. Source: Axa lifetime care Plc. |
| Case study – Mary |
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Mary had been diagnosed with dementia which led to her needing to move into a residential home |
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Mary has £15,000 income per annum and therefore needed financial advice on how to provide the cost of care |
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the residential home of her choice costs £40,000 per annum |
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Mary only had £170,000 from the sale of her property plus a small amount of savings |
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the money for her care would have run out in 6 years if Mary did nothing |
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Mary bought an immediate lifetime care plan for £105,000 which guaranteed to pay the £25,000 escalating at 5% per annum with some protection against her capital, for life. |
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Mary was left with approximately £65,000 which could now be used for growth or an inheritance |
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