Mr Spencer, 65, and Mrs Spencer, 63, are interested in buying long term care (LTC) insurance. They are both retired and in good health, but want to make sure they can still leave an inheritance to their children if either of them should need long term care. Their preferred local nursing home currently costs £600 a week. Their property has been valued at £250,000 and they have joint savings of £42,000. The joint net annual income of their pensions is £25,000. What are their LTC options?
Nicky Cave, LTC adviser at Millfield Partnership When planning for Mr and Mrs Spencer's future care costs, we would examine four different scenarios, considering how much income and expenditure would exist in each. Scenarios one and two look at either Mr or Mrs Spencer pre-deceasing the other and the remaining partner's financial position if he/she then needed care (paying attention to any widow's pensions). Scenario three looks at one of them going into care while the other remains at home, paying household running costs, while scenario four looks at them both going into ...
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