With careful Care Fees Planning case studies, elderly care need not be a problem, even if they are immediate care plans…
Case study – Alice
- Alice had a stroke last year which led to her needing to move into a nursing home
- Alice has £7,000 net income a year and therefore needed financial advice on how to provide the cost of care
- The nursing home of her choice costs £25,000 per year
- Alice needs an extra £18,000 per year help with her care fees
- Alice only had £70,000 from the sale of her property
- The money for life care would have run out in four years if Alice did nothing
- 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
- Mary had been diagnosed with dementia which led to her needing to move into a residential home
- Mary has £15,000 income per annum and therefore needed financial advice on how to provide the cost of care
- the residential home of her choice costs £40,000 per annum
- Mary only had £170,000 from the sale of her property plus a small amount of savings
- the money for her care would have run out in 6 years if Mary did nothing
- 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.
- Mary was left with approximately £65,000 which could now be used for growth or an inheritance
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