Also possibility of more flexibility on pensions to help pay for care
Also possibility of more modules article view article flexibility article on pensions article to help pay php c1 21 for care later."This will ease the pain article but not solve the problem," says Paul Seymour of Continuing Care c1 Conference, modules article view article a lobbying group. Mr Scott-Hopkins described the various long-term care measures as "a bit weak". The view increases modules in savings levels article mean that people with assets php worth less than modules pounds 10,000 are not asked to view make any contribution article to article nursing home 21 fees, but that people with assets of more than pounds 16,000 21 will still get no state help. view Ms May questioned c1 c1 the idea of php taking a php c1 21 smaller pension in the early years of retirement with the aim of leaving more to 21 pay for php care later modules on. "Most people don't have enough money in their pension fund anyway," she says.
And the alternative, paying for long-term care insurance has problems. Insurance cover for nursing home fees for life might roughly cost a one- off premium of pounds 20,000 for someone in their 60s or 70s, says Mr Scott- Hopkins. That in turn might give cover for nursing home fees of pounds 20,000 a year until you die But this is a lot of money for the risk. Jonathan Fry of independent adviser Premier Investments suggests instead saving by using tax-shelters such as personal equity plans.Some advisers fear long-term care insurance will be strongly sold to older people who do not want to be a burden on their children and who do not want to run down their estates.
Since the Budget promised further consultations "shortly", with the aim of providing more state help for people who planned ahead, savers might well be best advised to hold off buying. Towry Law has produced a guide to long-term care costs, available free to readers on 01753-554400.30 per cent increase in inheritance tax threshold to pounds 200,000.The Chancellor said this would take another 7,500 estates a year out of the tax, which bites at 40 per cent above the threshold, leaving the remaining 15,000 estates that still fall into the net paying pounds 18,400 less tax."One thing we're all up in arms about is that the increase doesn't come in until April," says Binder Hamlyn's Mr Jones. "Basically, it's hard luck if you die between now and April." Advisers said people should not assume the tax could now be ignored and that the tax still threatens plenty of "middle England". Houses are included, and it is not normally tax-efficient to give them to children and be able to continue living there.60-year-olds can now buy National Savings' Pensioners Guaranteed Income Bonds, paying 7.5 per cent fixed a year.The reduction in the qualifying age from 65 makes available a popular fixed-rate bond to more pensioners living off their savings. Already nearly 250,000 people have bought the bonds, which have the attraction of paying gross.