MY LIFETIME CARE
It Really is That Simple…
The Care and Home Inheritance Plan (CHIP) will pay all your care costs for the rest of your life, whether you receive care at home or in a care home.
The Plan is not too good to be true, read on to discover how it works.
“How Does the Care and Home Inheritance Plan Work?”
Over Time…
What Does Lifetime Care Cost?
£50,000 – £200,000
The Care and Home Inheritance Plan allows you to keep your home for your beneficiaries, while at the same time it pays for the care you want where you want it for as long as you need it. The Plan is flexible and adapts to meet your care needs, as these change. Our dedicated team of advisors are on hand to support you throughout the Plan process, over the phone and in person.
None of us can see the future but everyone’s care journey has similar stages. Our calculator illustrates the cost of six different lifetime care journeys. Almost everyone’s lifetime care journey will roughly follow one of these paths. By using the calculator, you can see the total cost of each of these care journeys and how long it would take for the Plan to repay your lifetime care costs.
MY LIFETIME CARE
“Doesn’t my Council/NHS pay for all my lifetime care?”
No, very little of it if you live in a care home but still own your own home. Usually you will have to find the cost of the care home from your own home resources, except in the case of certain health conditions when the NHS may cover this cost.
This is where the CHIP can help. The Plan can pay the shortfall from what your care home’s charges monthly and what you can afford from your pension(s), any other benefits and income.
If on the other hand you receive your care in your own home, which you own, you will still have to meet the costs of whatever care you receive less only the help offered by your council. This varies depending where in the UK you live and the payment policies of your local council. The CHIP will pay, for the rest of your life, whatever is the shortfall between the costs of your care at home and what you can afford to pay.
How Do You Obtain a Plan?
Step 1: Book a FREE Consultation
In this conversation you can explain what you want. In discussion with you the advisor will explain how the Plan will pay for the lifetime care you want. The advisor will also explain how your home will repay over time the costs of this Plan.
You can can have the conversation over the phone, or if you wish, your advisor will visit you at home and explain the Plan to you and your family.
Step 2: Decide
If you and your family decide to purchase a Plan, then:
- An advisor will help you complete the forms.
- You need to appoint your own solicitor to advise you on the Plan’s lease. (NB. your solicitor costs together with the other transaction costs are paid by the Plan – not by you).
- This lease forms the contract between you and My Lifetime Care.
Step 3: Completion
Your Solicitor and My Lifetime Care’s Solicitor will then complete the grant of the Plan normally within four weeks.
Once Completion has taken place, your appointed care provider begins receiving the monthly care payments you have decided on.
How are you and your home protected by the Plan lease?
The lease obliges My Lifetime Care to pay an agreed sum monthly to your chosen care provider for the rest of your life (together with any increase that you later decide on). The lease requires My Lifetime Care to insure, repair and maintain your home, and to rent it and to use the rent to repay the costs My Lifetime Care has paid for your care
The lease also permits you or your beneficiaries to cancel the lease anytime, provided that any outstanding care costs not yet repaid by rent are first repaid. If My Lifetime Care fails to fulfil its contractual obligations set out under the lease, then the lease is cancelled.