Eileeen’s daughter Jean contacted us after reading about long-term care on the Society Of Later Life Advisers (SOLLA) website. She was concerned that her mother had not had professional advice on how to pay the fees. Aged 77, Eileen is a widow and was already in a residential care home.
Eileen was in reasonably good physical health and her parents and grandparents lived into their nineties, so it was important to secure the fees on a long-term basis. We secured quotations for a care annuity and were able to secure an annual annuity income for life of £40,000 for a lump sum payment of £320,000. The income is payable direct to the care home without any tax deduction. The balance of the total care home fees of some £52,000 per year are being met from Eileen’s pension and the attendance allowance benefit to which she is entitled.
Jean and the rest of the family are pleased to know that the cost of Eileen’s care has been secured on a permanent basis.
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