When someone enters care they are automatically means tested and all of your capital assets, including your home, are taken into account. Only those who have assets below the £14,250 threshold will be entitled to the maximum possible public funding.
However, we can advise you of any Investments that are excluded from the assessment and our advice has been tested when clients have unfortunately moved into a care environment and has proved to be correct and has worked as far as preserving the asset is concerned. Any income that is being taken from it when the individual when they enter care could be assessed and the local authority could ask for that to continue and to contribute towards the cost of care.
Should you or a family member require Long Term Care we can provide help and advice in relation to a number of issues that could arise. Where a financial assessment is required, we can assist with this and ensure that the correct approach is adopted by the Council or Local Authority and that all the necessary processes are followed. For example, has a Continuing Healthcare Assessment and a Needs Assessment been conducted? We have and are happy to attend meetings to ensure in our opinion that procedures are followed and that the assessment outcome is fair.
When it comes to moving into a home, we can provide advice on the appropriateness of the contract for the placement, and we can continue to liaise with a Local Authority or Council on your behalf if issues arise on the outcome of a financial assessment.
Should you have any concerns at all at what can be a difficult time, we are able to provide help and assistance.
• Your home may have to be sold to pay for your Long Term Care costs. It can however be protected now and remember, if your property is worth £250,000 – that is around 5 years fees in all probability.
• Your savings and investments could be wiped out. Be under no illusion here and the popular myth that ISA’s are protected is not correct.
• Any income would be assessed and used towards the cost of your care.
• Your children and grandchildren could lose their entire inheritance and struggle to pay for your Funeral in the most extreme cases.