Help with financial planning
Do I qualify for funding?
People who have ongoing complex healthcare needs, and are not staying in hospital, can be granted continuing healthcare funding from the NHS. To qualify the need for care must directly relate to health – what the NHS terms as a ‘primary health need’.
If you live in England, you are able to have more choice and control over arranging and paying for your healthcare through a personal health budget. Instead of care being arranged for you by the NHS, you can choose receive funding as a direct payment.
Get in touch to find out more.
Am I entitled to benefits?
Made up of two parts, pension credit guarantees most people over the age of 62 with a minimum income.
The first part is guarantee credit. Top-ups are available for:
- Single pensioners if your weekly income is below £159.35
- Couples if your joint weekly income is below £243.25
Your eligibility for guarantee credit depends on your overall income. The government will look at your basic and extra state pension, income from other pensions, any jobs you have and savings over £10,000.
If you are aged 65 or over and have saved for retirement, savings credit may be available for every £1 over the savings credit threshold.
The savings credit threshold is:
- For a single person a minimum income of £137.35 per week
- For a couple a minimum income of £218.42 per week
It is available if you or your partner reached the state pension age before 6th April 2016. If you do qualify, you would receive 60p for every £1 over the savings credit threshold.
You could get £55.65 or £83.10 a week, tax-free, to help with personal care due to physical or mental disability if you’re aged 65 or over.
Whether you receive the lower or higher rate depends on how your disability affects you, and therefore how much care you need.
This tax-free benefit is for disabled people who need help with mobility or care costs. To qualify, your disability must be severe enough for you to need help caring for yourself or someone to supervise you, for your own or someone else’s safety, or you have walking difficulties, or both.
If you get Industrial Injuries Disablement Benefit or a War Disablement Pension and you need daily care and attention because of a disability, you can claim Constant Attendance Allowance.
If you care for someone at least 35 hours a week and they get certain benefits, you could receive £62.70 a week. You don’t have to be related to, or live with, the person you care for.
Other funding options
No one knows how long they will need to pay for care. This can lead to people becoming concerned about how they will manage in the future.
This is where an immediate needs annuity can help. You pay a one-off lump sum and in return receive a regular income intended to meet the cost of care. The cost is determined by several factors, including the monthly payment you need, your age, health and medical history.
A lasting power of attorney gives people you trust full control of decisions about your finances and/or your health and welfare. It’s the only way to ensure these important decisions are made according to your wishes should you become unable to make them for yourself.
The information provided relating to benefits is based upon our understanding of current qualification criteria based upon information provided either by the Department for Work & Pensions or www.gov.uk. To assess your individual circumstances you should seek appropriate advice and should not act on the information contained here as all circumstances are different.