Long-term care: Deferred payment agreements explained

The combination of the savings gap and people generally living longer means that long-term care is now an essential part of planning for clients' later life needs. Those advisers who have dealt with clients needing long-term care in recent years may well have come across Deferred Payment Agreements (DPA). This facility was not widely publicised by local authorities, but involved the payment of fees for residential care being deferred until the client's property was sold, usually after their death. From April this year, the Care Act 2014, in conjunction with the Care and Support (De...