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Long Term Care - Case Study

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Long Term Care from Sense Financial Solutions

Winifred is an 88 year old widow who has one daughter, Claire, who lives nearby, works full time and has a growing family. Winifred has lived in her current house for over 60 years but, following a severe stroke, she was admitted to hospital and needed constant round the clock care. Winifred and Claire looked at various care homes but, in reality, Winifred wanted to remain in her own home with her memories and her possessions.

Claire knew that her mother was unhappy about the prospect of moving into a care home but didn’t really think that staying at home was a possibility, mainly because she thought it would be far too expensive.

However, after discussing the matter with Shirley and a local domiciliary care agency, they worked out that the cost was going to be less than she had thought and represented a real and preferred alternative to going into a care home.

Once the exact cost of the care package was known, Shirley calculated the financial implications, looking at care costs, household expenses and  discretionary spending alongside Winifred’s existing and potential future income.  Winifred wasn’t aware that she could claim Attendance Allowance so, with the help of her local Age UK, an application was submitted and she was soon to enjoy an additional income of £73.60 per week.  Winifred had a difference between her income and the cost of her living expenses of £25,000 per annum.  In addition to her property, Winifred had about £100,000 in her deposit account which was producing very little return.  She used £80,000 of this money to buy an Immediate Care Annuity, which now pays out £25,000 tax free towards the cost of her care fees each year. The money is paid directly to the care agency and increases by 5% each year to help offset the increase in care fees.  Winifred is thrilled that she can stay at home and her daughter has said “It is great to see Mum so settled and content. The care plan has removed Mum’s anxiety about moving and running out of money and the live-in carer has mitigated my worries about Mum’s safety and independence” .  The care plan will continue for the rest of Winfred’s life and, should her circumstances unexpectedly change in the future so that she has to enter a care home, the plan will simply move with her.

 

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