You don't need to sell your home to pay for care. The Care and Home Inheritance Plan funds your care home fees and keeps your home in the family
The Care and Home Inheritance Plan (also known as the CHIP®) is for those moving into a care home who would otherwise have to sell their home to fund their care.
Care home fees can be expensive. The Care and Home Inheritance Plan (also know as CHIP®) offers an alternative to selling your home to fund your care. It gives you the security of knowing your care home fees will be paid and your loved ones will one day inherit your property.
Many people fund the shortfall between their income and their care fees by selling their homes or engaging with the deferred payment agreement with their local authority. This can be a tough decision to make and means that children or loved ones won't inherit the property. The CHIP® is here to change that.
What is the process?
The Care and Home Inheritance Plan (also known as the CHIP®) is for those moving into a care home who would otherwise have to sell their home to fund their care. If you don't want to deplete the wealth stored in the property or have the hassle of renting it out, the CHIP® could be the solution for you.
1. Arrange a Free Consultation
We will call to discuss your family’s circumstances or any care related concerns. Our Care Advice Partner, MY Care My Home (MCMH) are ready to help you by providing independent advice to suit your personal needs. They will assess to see if a CHIP® is an appropriate solution and if so, offer to refer you to us at Shaw Lifetime Care so that we can provide you with more details.
2. Provision of a Free Care Needs Assessment
Once you have decided that the CHIP® is the right solution for you, MCMH will provide a free care needs assessment in the comfort of your own home. The assessment ensures that a move into a Care Facility is the right choice.
3. A Personal Financial Assessment
Following on from the Care Needs Assessment, your dedicated Relationship Manager will discuss the cost of your preferred care facility and calculate the funds required. The Relationship Manager will be personally assigned to you and will be your ongoing contact throughout the life of the CHIP®.
4. Property Assessment
We will arrange for our Property Manager to perform the required inspections.
5. Presentation of your Personal Care and Home Inheritance Plan
Once all the information has been collated, your dedicated Relationship Manager will discuss your personalised Care and Home Inheritance Plan with you.
6. Pre-Completion of Plan
Once you have confirmed that you would like to proceed with the CHIP®, the legal paperwork will be drafted, and completion can proceed. This is a no-obligation service and all costs associated are included in the Care and Home Inheritance Plan.
7. The CHIP® Completion
Once completed, you and your family will have peace of mind knowing that the CHIP® is in place, and that the agreed sum will be paid directly to your Care Home each month.
8. Ongoing Support
Your dedicated Relationship Manager always remains at hand to answer any questions you may have. And remember; with a CHIP® you never run out of money to help pay care fees – however long you live.