Paying for care and the role of care annuities, with Graham Duffy
The need for care home spaces is predicted to rise dramatically with the ever-increasing life expectancy and growth of debilitating conditions including dementia now prevalent in later life. And planning for that care is something we need to face up to in retirement. There are many different ways to fund care. Last year, 57,000 people needed to fund the costs of living in a care home. Only 6% opted for a care annuity. A care annuity is just one option, but it’s a relatively little-understood solution. Graham Duffy explains what a care annuity is, the tax benefits and what it may cost you. He also shares the latest thinking on social funding limits, which impact how much of the care home fees you are responsible for paying. Graham Duffy is a care specialist with Just, a well-established insurance company offering solutions to people who need to self-fund their care. Graham’s role is to help people get the best possible outcome at the very end of their retirement. With 25 years’ background in insurance and life expectancy, Graham’s knowledge is unquestionable. He leaves us with tips on where to go for specialist advice on how to fund the care you may need and the importance of putting a Power of Attorney in place. Here’s my informative conversation with Graham Duffy, in episode 007 of The Retirement Café Podcast.