What’s included in a financial assessment for home care?
Your total capital
This is the amount of money you have, added together, minus any debts. Any joint accounts are generally treated as an equal split. This will include:
- Bank and building society accounts
National Savings Certificates and Ulster Savings Certificate
Stocks and shares
Shares in a family business
Regular savings and investments, including Isas
Other properties you own.
Weekly personal pension
This means private and company pensions. If you have a spouse and a private pension, half of your pension can be passed over to your spouse and won’t be taken into consideration for the means test.
Weekly state benefits and pensions
The payments you receive from any benefits are also taken into consideration in a financial assessment, including the following:
Any other weekly income
This could include rental income.
What isn’t included
Among other things, the following won’t be included:
- The value of your home
- Personal possessions, although see also gifting assets and property
- Surrender value of life insurance policies, annuities
- Investment bonds with a life assurance element
- Payment derived from certain trusts
- Winter Fuel Payment and any other Social Fund payments
- Christmas Bonus
- Gallantry awards
- Personal Independence Payment (PIP) mobility component and mobility supplement.
You should seek advice from an independent financial adviser (IFA), such as from a fully listed member of the Society of Later Life Advisers (SOLLA). This is especially the case if you have complex financial arrangements, such as money in trust, certain bonds or compensation payments, or shares in a family business.
Society of Later Life Advisers (SOLLA)
By choosing an accredited member of the Society, you can be assured of someone with the expertise to best understand your needs to provide advice that is right for you and your family.
For more guidance on finding an IFA, see how to find a financial adviser in Which? Money.
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