If a person’s capital and savings and/or income push them outside the means test thresholds, they will generally be responsible for the funding of their own care fees until such a time as their money falls below the appropriate threshold. This applies whether the care required is residential ie in a care home or domiciliary ie care in the person’s own home.

However, with careful planning it may be possible to structure finances in such a way that care fees can be paid indefinitely, without worry about the future or what might happen if the money runs out.

There are dedicated financial policies available, known as Immediate Care Plans, that are specially designed to cover all or part of a person’s care fees and whilst they are not a universal panacea, they can in the right circumstances provide an ideal solution. This type of plan should always be considered as part of the solution and included as part of the overall financial plan for the elderly person concerned, especially as it can cap the cost of care and protect the elderly person from outliving their capital.

An Immediate Care Plan provides peace of mind and enables the person in care to have financial independence, dignity and choice of where they receive care. The actual cost of an immediate Care Plan is individual and tailored to the circumstances of the person needing care.

It is extremely important that you seek out advisers who have the qualifications required by the Financial Conduct Authority (FCA) to give long term care advice and who are also experienced in dealing with elderly care matters.

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