Customers who have pre-funded long term care (LTC) with BUPA and receive an allowance from the State...
Customers who have pre-funded long term care (LTC) with BUPA and receive an allowance from the State can claim a refund if they have overpaid.
The option will apply once State nursing entitlement has been determined. The State allowance is then added to the pre-funded policy. If the total is more than the amount needed to fund care, BUPA has said it will refund the difference.
Les Schroeter, LTC business manager at BUPA, said: 'It is impossible for IFAs and clients funding long term care to second guess precisely the level of funding, if any, necessary when the care is required. Our new refund option gives people greater peace of mind that they will not pay out too much for their long term care.'
The maximum amount of State benefit in England is £410 a month, less than a quarter of the average cost of care in a nursing home.
The refund scheme is a facility that allows intermediaries to disregard State benefits at the application stage, knowing the client will be able to reduce their personal contribution, should they later receive State benefits.
Depending on individual circumstances, the nursing component of LTC, which has been State funded in England since October 2001, is £35, £70 or £110 a week.
In Scotland, from July, funding will be £145 a week for personal care plus £65 for nursing care. In Wales and Northern Ireland the benefit is £100 a week for nursing care.
