Care Home Plan

At the MSRC we are regularly asked questions such as:-

• Will I have to pay for the Care myself?
• Will I have to sell my house?
• What happens if I run out of money while I’m in Care?
• Will the interest on my savings pay for the Care?
• Are there any special schemes available to pay my fees?

Independent Advice

Providing advice on the best way to fund Care Home fees is a very complex matter and you really need to obtain information from a specialist Independent Financial Advisor.

The Insurance Surgery can offer the services of such specialists. They will be able to guide you through the schemes that are on offer to families of elderly people receiving care in their own homes, about to enter or already in residential or nursing care.

They can arrange for a free quotation for an Immediate Care Plan that on investment of a lump sum, will guarantee to pay the shortfall in care fees for as long as necessary. You would also receive advice on alternative investments and strategies to pay for the Care fees.

Case study

Mr and Mrs Brown, live in their own house, but are receiving assistance from a live in carer. Mrs Brown is in her early eighties and has had breast cancer (in remission). She also suffers from Parkinsons which was diagnosed 10 years ago. Mr Brown suffered a stroke 2 years ago, but is a little more mobile than his wife.

Their investments totalled approximately just over £100,000. The domiciliary agency was charging them £500 per week. The shortfall (difference between their joint incomes living expenses and fees) was over £11,700 per annum. Mr and Mrs Brown were therefore extremely concerned that given current investment conditions, and low interest rates their money would dwindle in a very few years.

Our solution

As Mr Brown’s income was much higher than his wife’s, we felt that it would be worthwhile investigating the possibility of a care fees plan for Mrs Brown. The plan would guarantee to pay the selected benefit for the rest of Mrs Brown’s life. There is no obligation to purchase a plan, and after receiving medical details from Mrs Browm’s doctor and a report from the nursing home, the four providers of these plans completed their underwriting so that they could offer Mrs Brown terms. The quotes ranged between £93,000 down to £58,700 for providing an income of £11712 per annum, which covered the shortfall. In addition the payments from the plan were going to go up by the increase in the retail price index plus 2%. Also by being paid direct to the care provider Mrs Brown’s tax position was completely unaffected. In short she was getting £11712 per annum totally tax free.

How do I obtain a quotation?

Simply click on the button below and complete the quote form on The Insurance Surgery’s website.

• Care Home Plan (click for quote)

The MSRC receives a donation from each policy sold by The Insurance Surgery to  help us continue our support of anyone affected by Multiple Sclerosis.

The Insurance Surgery Limited is authorised and regulated by the Financial Services Authority (FSA registration number 401425). The FSA does not regulate some aspects of protection. The Insurance Surgery Limited, registered in England No. 5137288 Registered Office: Wood Street Mill, 45 Pickford Street, Macclesfield, Cheshire, SK11 6HB. Telephone 0800 083 2829