Key Retirement Solutions, in collaboration with care home operator Helping Hands, will provide care fees planning service form September, said Dean Mirfin, group director of Key Retirement.
Financial advisers would first check if clients are getting all local and state benefits, said Mr. Mirfin. After the review of present earnings and total net-worth, planners will then provide clients financial advice including immediate annuity income, equity release and maximising investment returns.
The Dilnot Report on care funding has recommended that individuals in residential care have to pay between £7,000 and £10,000 for food and accomadation, said Mr. Mirfin. This meant residential care will see strong growth either by choice or the economics, wherever feasible, he added.
Key Retirement will also provide will- writing services and lasting power of attorneys for families of clients, an important part of care planning.
“The report has turned the spotlight on long-term care and made a welcome start but we, and those receiving care, cannot wait for legislation. Families and people receiving care need help now which is why this service is crucial,” said Mr. Mirfin.
“The service is about providing information and choice at an important time and is relevant for those about to be, or who are already, receiving care,” he added.
“The right advice and guidance is critical and the funding of long-term care is a significant consideration for everyone affected,” said Lindsey Edgehill, marketing director of Helping Hands.
“People need a path through the complexities of care fees planning and legal considerations at what is a tough time. Our partnership is aimed at addressing this issue,” she added.
The Dilnot Commission on Funding of Care and Support had proposed that individuals with assets more than £100,000 pay for their care costs of up to £35,000, beyond which the state will share expenses. Individuals below the £100,000 threshold will qualify for means-tested benefits.