20 July 2011
Helping Hands & KRS to launch Care Planning Service
We are thrilled to be able to talk about the forthcoming care planning service we have been working on with Key Retirement Solutions, a unique relationship bridging the gulf between providers of care and financial services. We will release a number of on and offline intiatives from September to help those looking at care funding,here is the detail we have released so far.
The service, which is set to launch in September, aims to ensure those needing care and their families receive the right advice and guidance before they start paying for domiciliary care.
Key’s Care Fees Planning Specialists will examine firstly whether customers are receiving all State and Local Authority entitlements. Then, following a review of existing income and capital, will then explore with customers further options including maximising investments, equity release, and immediate needs annuities.
Key’s Estate Planning team will also provide will writing services and can arrange Lasting Power of Attorneys for customers and their families, which are an essential part of planning for care.Key Retirement Solutions began working with Helping Hands in April 2010 to look at what advice and guidance those receiving care and their families needed. This was well ahead of the Dilnot Report, which has proposed a £35,000 cap on individual contributions to care costs.
However Key Retirement and Helping Hands stress the Dilnot Report makes clear the recommendation that individuals in residential care will still have to pay an amount for accommodation and food of between £7,000 and £10,000 meaning that care in the home where practical will continue to grow at pace whether by choice or economics.
Dean Mirfin, Group Director at Key Retirement Solutions (www.keyrs.co.uk), said: “The Dilnot 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.
“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.”
Lindsey Edgehill, Helping Hands Marketing Director, said: “The right advice and guidance is critical and the funding of long term care is a significant consideration for everyone affected.”People need a path through the complexities of care fees planning and legal considerations at what is a tough time and our partnership is aimed at addressing this issue.”
The care fees planning service will offer a free initial consultation and provide a full report outlining all options which may involve offering equity release.
General advice from KRS is available at our care funding centre.