Family services
Cost of care
Whether it is a sudden unexpected cost or you want to plan for long term care costs, this can be a baffling process. The costs here can be huge and this is where an IFA can guide you through the complex process. We offer an experienced long term care advisor offering bespoke, specialist advice
Are you facing the prospect of paying for a nursing home or other care costs for yourself or someone in your family?
As life expectancy continues to lengthen, more of us can expect to require some form of long term care. The cost of long term care to cover nursing home fees and other care costs, can be high and not everyone is prepared for the expense. Planning for long term care using investment bonds and other long term assets is one of many areas that Omni Financial Ltd can help
State-sponsored care
While the State can help with some care costs, eligibility for help is limited and many people find the value of their income and/or assets take them over the threshold for that State support. Qualification for help towards care fees is usually determined by your specific care needs as well as how much money you have and the total value of your assets.
Funding care costs yourself
If you, or your family member, fail to qualify for state benefits or the amount you receive doesn't cover the full cost of your care, there are other ways you can cover the costs. Finding the most appropriate funding method for nursing home fees, or other care costs that suits your individual circumstances isn’t easy. We’ll help you understand the options along with their benefits, risks and limitations to find the right solution for you and your needs.
Contact us today to see how we can help you.
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Free tools
Try our free tools
Care cost calculator
How long savings and your home could pay for care before council help starts.
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Equity release calculator
An indicative idea of how much tax-free cash you could release from your home.
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Our sister company
Omni Lifetime Planning
Planning for care often goes hand in hand with a lasting power of attorney and an up-to-date will. Our sister company Omni Lifetime Planning can help with both.
Q&A
Questions & answers
Who pays for care in England?
If your assets are above 23,250 pounds you will usually pay the full cost of residential care yourself. Between 14,250 and 23,250 pounds the council contributes on a sliding scale. Your home may be included unless a partner or certain relatives still live there.
How much does a care home cost?
In Hertfordshire and the South East, residential care commonly costs well over 1,000 pounds a week, and nursing care more. Costs vary widely between homes.
What is an immediate needs annuity?
An immediate needs annuity is a policy bought with a lump sum that pays a guaranteed income directly to the care provider for life. It caps the cost of care and protects the rest of your estate.
Can I give my house away to avoid care fees?
Councils can treat assets as still yours if they believe they were given away deliberately to avoid care fees. Planning should always be done early and with proper advice.
Your first meeting is free
Talk to an independent financial adviser in St Albans. Call 01727 223251 or send us a message.