Chapter 8- Long Term Care Flashcards
What NHS funded nursing care is available?
Individuals assessed as needing care in a home are entitled to nursing care allowance which is non means tested and tax free
Who can claim Attendance Allowance?
If pay for own care and need help with personal care and or supervision for those over SPA or younger if they qualify for PIP
Which act sets out need for councils to provide means tested help with care costs?
Care Act 2014
What is the personal expense allowance?
£26.33
How is tariff income calculated for Long Term Care support?
Savings - lower limit
Sum of above/£250
= £X per week rounded up to the nearest £.
What is tariff income in relation to Long Term Care benefits?
Amount expected to contribute to own care
What income/savings is excluded from means testing for Long Term Care?
Personal possessions
Surrender values of Life Insurance Bonds
In what circumstances is the home excluded from means testing for Long Term Care?
If partner, lone parent or relative who is over 60 or under 18 or incapacitated lives there
How could couples avoid value of home being taken into account?
Change ownership to ‘tenancy in common’ and bequeath share to children to benefit surviving spouse
What is ‘deliberate deprivation’?
Transfer of assets to reduce capital which is illegal and would result in notional income being used anyway
What are the 4 different types of Long Term Care plans?
- Immediate Needs Plans (Annuities)
- Deferred Care Plan
- Pre-funded policies (Traditional protection and income-linked)
- Equity release
What are Immediate Needs Plans also called?
Impaired Life Annuity
How do Immediate Need Plans work?
Single premium policy when they need care in return for regular tax free payments to home for as long as they need care.
How long before payments start for Deferred Care Plans?
5 years (the client will self fund for the first 5 years).
Why are Deferred Care Plans cheaper than Immediate Needs Plans?
Because benefit deferred if willing to pay own costs for a few months or years
