|
5. NHS Funding in Nursing Homes – The NHS will pay a Registered
Nursing Care Contribution (RNCC) towards nursing home fees, even if
in a nursing home for short respite periods or, you could get full
NHS funding for nursing home fees if you meet the health authority’s
eligibility criteria for continuing care. Saving up to £139 pw for
RNCC or the full cost of care for NHS Continuing Care.
6. Couple’s Savings - The local authority only has the right to
financially assess the member of a couple that requires the care.
Individuals, who are paying for their accommodation from joint
savings with a partner at home, should split joint accounts into
separate single accounts drawing the care home fees from the account
of the person in care only. Thus ensuring State assistance arrives
earlier than if depleting joint capital. Saving your partner’s savings.
7. Enduring Power Of Attorney - Drawing up an enduring power of
attorney when fit and well, for the sake of paying a solicitor a
small fee, could save a lot of expense and complications if in the
future you were unable to cope with your own affairs and had to
involve the Court of Protection. Saving the cost and complications
of dealing with the Court of Protection
8. Section 117 After Care – Older people with mental illness who are
admitted to hospital under Sections 3 of the Mental Health Act 1983
for assessment and treatment are, on discharge, entitled to Section
117 aftercare under the same Act. This can include full funding for
a care home place. Saving the full cost of care.
9. Immediate Need Care Fee Payment Plans – Designed for older people
with an immediate need for care, can deliver a regular guaranteed tax-
free monthly income higher than can normally be achieved from
traditional investments or annuities. Paid tax-free if direct to the
care provider, they are a way of meeting and capping and meeting the
initial cost of care to the cost of the plan for as long as care is
needed. Normally requiring only part of the proceeds from selling a
home , they enable older people to fulfill their wish of leaving an
inheritance for the family. Saving an inheritance and capping the
cost of care
10. Investment Bonds - that contain an element of life insurance,
usually 1% of the value of the fund, as a death benefit are currently
disregarded in the means tests for both care and pension credit.
Protecting your savings
|
.jpg)
-000.jpg)
