Funding Care Costs

Ever wondered about how to fund care home costs? Planning for care costs can be complex, but we are here to help you navigate this important financial aspect of your future. Here’s how we can assist you at BRI Wealth management.

Personalised Financial Planning

We can assist you with planning for care costs tailored to your specific circumstances. For some individuals, these costs can be met by savings accumulated over a lifetime. We use advanced cash flow modelling to illustrate how these savings can support your care needs. This tool provides a clear picture of how your funds can be utilised effectively.

Forecasting and Asset Impact Analysis

For many clients, we offer detailed forecasting around the timescales and costs associated with care. This helps you understand the impact on your assets and income. Whether you have ample funds or need to explore additional options, our analysis can provide reassurance or highlight areas needing attention.

Annuities for Care Costs

For many clients, we consider various forecasts around the timescales and costs that the impact of care will have on their assets and income. It can be a helpful tool to provide either reassurance that there are already enough funds in place or consider whether options such as an immediate needs annuity or a deferred needs annuity might be needed.

If there is a potential shortfall between your income and the cost of care, we can help you explore options such as:

Immediate Needs Annuity: Provides a regular income to cover care costs as soon as it is purchased.

Deferred Needs Annuity: Begins to pay out at a future date, offering flexibility based on your specific needs.

These annuities can cover the shortfall between your income and care costs, and are tax-free when paid directly to the care provider.

Local Authority Support

Understanding available Local Authority support can be crucial. We can guide you through the options and eligibility criteria to ensure you maximise any assistance available that will help support aged care costs.

Need Advice From A Financial Planner?

To find out more, please contact us, and one of our financial advisers will come back to you to arrange a meeting. Our first meeting is free of charge and without obligation, providing you with an opportunity to explore your options and start planning for the future.