Welcome to our October Newsletter.  In this newsletter we discuss our recent training to be a Dementia Friend, our new membership of Symponia and protecting from the costs of Long Term Care.

If you wish to to download the newsletter in PDF please click on the link below.

October 2014 Newsletter

Dementia Friends

Dementia is a growing problem in our elderly population and there are a number of myths on this disease. Five things you should know about dementia:

1. It’s not a natural part of ageing
2. It’s caused by diseases of the brain. The most common of these is Alzheimer’s
3. Its not just about losing your memory – it can affect thinking, communicating and doing everyday tasks
4. It’s possible to live well with dementia
5. There’s more to a person than the dementia

At Cornerstone we are now trained to be Dementia Friends and will be using our badge to start conversations with clients who have this diagnosis and their families so they know a little more about dementia and to encourage them to go to a Dementia Friends information session.

Estate Planner members of Symponia

We are pleased to announce that we are now official Estate Planner members of Symponia.

As a member we can help with `care fees planning’ to put in place a simple, yet comprehensive, methodical and stepped plan, enabling you to step back, breathe a little and concentrate on the welfare of the person needing care, with the added reassurance that the Estate Planning side of things is being taken care of by a dedicated, appropriately trained and suitably qualified professional. We cover Surrey and South East England area for Wills, Estate Planning, funeral plans and Power of attorney needs.

To find out more about Symponia please click on the link.

Protecting for Long Term Care

Councils claim on 8 properties a day to recoup care costs (source FT Adviser).

At least eight people a day have a legal charge placed on their property to recoup care costs, according to data obtained under the Freedom of Information Act by NFU Mutual.

Research conducted by ICM on behalf of NFU among 2,000 UK adults last month, found that Protecting for old age care costs were cited by 51 per cent of respondents as a factor they fear could impact future wealth.

Since 2009 local authorities have placed legal charges on more than 15,000 properties, which equates to around eight a day. Since that time, council income from care home residents in England has increased by 18 per cent.

In some areas people may be forced to sell their house to pay for care, although many councils operate a deferred payment scheme that allows people to keep their
home during their lifetime.

From April 2016, some elements of care charges will be capped, potentially reducing overall costs, and all local authorities will also have to offer deferred payment schemes so no-one should be forced to sell their home, but annual interest of around 4 per cent will apply.

However, any money spent on care fees prior to this date will fall outside the cap, as will the cost of accommodation and food, hotels and any amount spent above the local authority’s ceiling.

In addition, from 2016, local authorities will be obliged to offer access to advice from a regulated independent adviser.

Furthermore, research from the Institute and Faculty of Actuaries claimed just 8 per cent of men and 15 per cent of women will benefit from the £72,000 limit on what people have to pay towards their care.

In contrast to care home costs, only 11 per cent of people aged between 45 and 64 are as concerned that inheritance tax will affect their family’s wealth.

For more help with this please view the Long term Care page on our website showing you the options available.

Health Secretary, Jeremy Hunt, planning to cap personal cost at £75,000 far more than government commission recommended

Jeremy Hunt has reportedly chosen a £75,000 cap on the amount people will have to pay for long-term care.

Campaigners say £75,000 would be too high and would mean many people would still have to sell their homes to pay for care.

One observer said “The government is sneakily shifting the cost of care further and further onto older people and their families. The £75,000 cap is the dampest of damp squibs. It is a con of the worst sort.”

The Dilnot commission recommended a cap of between £35,000 and £50,000 meaning that on average no-one would have to dispose of more than about a third of the value of their housing assets. The chancellor, George Osborne, is thought to have dismissed the possibility of that range on cost grounds.

The Alzheimer’s Society said a £75,000 cap would only help “the few”.