Long Term Care

Understandably, no one wants to talk about the need for long-term care. However, it is becoming one of the most important areas within the financial planning arena.

More and more people have become concerned about the implications of the Community Care Act and who will pay for their long term nursing care should it become necessary in the future. The Government's response to the Royal Commission has not helped to allay peoples concerns.

In fact, the Health and Social Services Act 2001 confirms that State and Local Authority funding for long term residential and nursing care is and will continue to be strictly limited. Planning or paying for care fees can be a complex area and it is vital that any advice is given by specially trained and qualified advisers.

Hirst & Company Limited are committed to providing dedicated, expert advice on the potentially complex area of care fees planning, not only on all the aspects of care fees, but also on the powers of the current legislation and the availability of all appropriate State benefits.

Our emphasis is very much on respect and care, with the fundamental objective of enabling people to choose where they are cared for, with the peace of mind that they will be able to meet rising care costs indefinitely.

We are conscious that sorting out the care fees for yourself, a friend or a relative can be difficult, emotive and stressful, and as a result, we aim to make the process as easy and straightforward as possible. 

Immediate Care

It is a little known fact that you can still plan effectively for the continued payment of care fees, even of care is needed now. We have worked with many families, and although objectives are sometimes different, the end result is the same - guaranteed peace of mind.

Sample Case

  1. A Client had a stroke and as a result, she needed to move into a care home.
  2. She has a net income of £14,000 per year
  3. Her care home currently costs £27,560 p.a. (£530 p.w.)- meaning that she has a "shortfall" of £13,560 p.a.
  4. She has £90,000 from the sale of her home, together with some building society savings of £30,000 and she knows that this money may eventually run out.

How a consultation with an Adviser helped:

  1. This woman (through her daughter) purchased an immediate care plan, which guaranteed to pay her care home £13,560 for as long as she needed.
  2. She paid £42,500 for the plan, and the remaining capital of £77,500 was invested in a secure investment for future growth.
  3. Our client and her family not only have a guaranteed net income for life, but they have achieved genuine reassurance and peace of mind. 

Planning for the future

The families of people in care homes often ask us if they can avoid the dilemmas of how to pay for care fees themselves, and how best they can protect their own assets from erosion. Again, we are able to assist, whether by re-arranging existing finances or establishing a policy to suit your circumstances.

The important part of any care fees planning exercise is to establish several key points, making sure that the actual plan, the level of benefit and the premiums match your requirements, and our advisers can provide a personal solution to this potentially serious problem. All of the plans available can be tailor-made to meet both your personal and financial circumstances, giving you the peace of mind you deserve.