Specialist advisors for the over 60s
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For many people, the difficulty in paying for long term care is covering the shortfall between their income and the care fees required. A solution can usually be achieved by using a Care Fees Annuity (a single payment) to cover this shortfall.
Although costs can vary greatly between clients, we are usually able to establish a cost effective way to meet most needs. The following case studies, are based on two of our financial partner’s recent clients:
Mr L. Age 84
Mr L has assets (house and savings) worth £189,700
His income (pension, benefits etc) pay for part of his care fees but there is still a shortfall of £27,600 per year.
A Care Fees Annuity single premium payment of £98,650 from his assets ensures that the current shortfall in care fees (plus increases of costs up to 5% per annum) will be paid each year for life.
He is still left with £91,050 of his assets available for future use or inheritance.
Mrs S. Age 81
Mrs S has assets (house and savings) worth £425,000
After taking into account her income, there is a shortfall in care fees of £20,100 each year.
A Care Fees Annuity single premium payment of £127,150 from her assets ensures that the current shortfall in care fees (plus increases of costs up to 5% per annum) will be paid each year for life.
She is still left with £297,850 of her assets available for future use or inheritance.
Both of these clients have the peace of mind in knowing that the current shortfall in care fees (plus increases up to the level of 5% per annum) will be paid for life, and they still have a significant proportion of their assets available for future use/inheritance.
Please bear in mind that the cost of the Care Fees Annuity will vary significantly between each individual, based on age, health, level of care needed, & the care fees shortfall.
The above case studies demonstrate the use of the Care Fees Annuity to cover the shortfall, but your individual financial plan will consider all the potential funding options for covering the care fees, to enable you to decide upon the basis which is right for you.
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