video phone beyonce mp3 How to Pay for Care in 2019

For many the realisation that care costs, over the years, can easily exceed £100,000 comes as a shock. Especially when they may not have really planned for them.

You can read more about this topic here -

Paying for care - https://ukcareguide.co.uk/paying-for-...
Immediate Care Annuity - https://ukcareguide.co.uk/immediate-c...
Deferred Payment Scheme - https://ukcareguide.co.uk/deferred-pa...
Equity Release - https://ukcareguide.co.uk/equity-rele...
NHS CHC Funding - https://ukcareguide.co.uk/chc-funding/

This is why you hear stories of people having to sell their home to pay for their care, which in turn means that there is often not a substantial inheritance that you can pass on to your loved ones.

So, if you do find that you have to pay for your care then there are 12 ways that you can do this.

Ill give you a brief over view of what each of these are. However, you will be able to find videos on a lot of these options either on our website or on this Youtube channel.

The first option is to see whether you are entitled to any local authority funding.

If it’s determined that you need care services and your savings and assets are below the threshold you’ll be eligible for financial support from your local authority. You will need to check what the current threshold is but its around £23,500. There are also different thresholds depending on if you live in England, Scotland or Wales.
You can ask your local authority to do a financial assessment and they will tell you if you are entitled to any funding.

The second option is of course to self-fund your care.

Approximately 25% of the millions of people who need adult social care actually qualify for some state help. However, this also means that nearly 75% don't.

Self funding means that you will need to pay all your care fees until such time your savings and assets fall below the threshold, which I said earlier is around £23,500. Although, you will need to check what it is for this current year
.
However, even if you are self-funding, you may still be entitled to other forms of financial assistance such as Attendance Allowance, Personal Independence Payment, and Carer’s Allowance if you have a carer.

The third option is to use something called a Care Annuity.
Using a care annuity, or an immediate care annuity as it is sometimes called, is a simple and tax-effective means of paying for elderly care either in the home or to a care home.

An annuity is a type of insurance policy that provides a guaranteed regular income for life to pay for care in exchange for an upfront lump sum payment, from you, to the insurance provider.

The amount of money you pay upfront will depend on your age, health and life expectancy, the amount of income you need, and the current annuity rates.

One of the key benefits of this is that the payment from the insurer is tax-free if it is paid directly to the care provider.
We do have a seperate video on care annuities, so please do watch this.

The 4th option is to look at using long term care insurance.
This is still a relatively new area but increasingly we are seeing insurers start to offer long term care insurance.

Long term care insurance will typically cover the cost of assistance for those who need help to perform the basic activities of daily life such as getting out of bed, dressing, washing and going to the toilet.

In addition, this type of care insurance allows you to protect yourself against diseases such as dementia and Parkinsons. If someone does get these, the insurance will cover the costs of care.

The 5th option is to rent out your home and use the rental income to contribute towards your care costs.

If you are fortunate enough to not having to sell your house, then renting your home out, if you move to a care home could be a viable option.

This is a good idea if your family is keen on keeping the property or if a quick sale will bring in less the property’s full value.

However, when renting out your home, factor in periods when the property will be empty and the ongoing costs of home maintenance.

If there are any questions you would like answering, please leave these in the comments section below and I will respond to them

Also, please do subscribe to our channel for more informative videos on elderly care.
Bye for now.

video phone beyonce mp3 How to Pay for Care in 2019
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