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• 43 Million people in the UK (65% of the population) spend 20 - 30 years saving to buy their own home.
• So it’s not surprising that many of the 50,000 a year who have to sell it to pay their care home fees would prefer an alternative whereby their home funded their care home fees without having to sell it - so they could pass it on to their family once it has paid their care fees home fees. But there isn’t a way – or wasn’t.
• Until Shaw Foundation launched the CHIP in the summer of 2020.
• The Care and Home Inheritance Plan (CHIP) enables a customer to meet the gap between care home fees ( say £50,000 a year ) and pensions income ( say £10,000 – 20,000 a year) with the wealth from the customer’s house.
• The customer grants Shaw a long lease and Shaw pays for this lease by covering the care fees gap for the rest of the customer’s life.
• Shaw renovates and lets the property and applies the rent to repay the costs borrowed from the property. When the rent has repaid the money borrowed, the beneficiaries can break the lease for nil cost and thus inherit the house debt free. If the beneficiaries wish to break the lease before rent has repaid the money borrowed , they can do so by paying off the outstanding loan.
• The CHIP was launched in 2020: CHIP 2 ( which will fund lifetime care in someone’s own home rather than a care home ) will be launched in 2021.
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Jeremy Nixey: CEO of Shaw Foundation and Shaw healthcare Group and Founder of
- The Shaw Foundation: an exempt charity which works with Universities, Local Authorities and Care providers to; fund innovations in care for vulnerable people and carers that improve their quality of life, regardless of their level of income: www.shawfoundation.org.uk
- Shaw healthcare Group: develops and operates 70 care homes and community hospitals accessible to all its regardless of income: it is 51% owned by its 4,000 employees through an Employee Ownership Trust (EOT) and is now the seventh largest EOT in the UK. www.shawhealthcare.co.uk
- Shaw Lifetime Care www.shawlifetimecare.co.uk : Operates the CHIP
- My Care My Home: www.mycaremyhome.co.uk : see below
Yasmine John, Joint Founder and CEO of My Care My Home
Yasmine and Jeremy founded My Care My Home to:
- Provide all care seekers free, whole of market advice about care service options ( Dom care agencies, directly employed carers; Care homes and Extra Care developments), care related matters (Care Needs and Mental Capacity assessments) and care funding options
- Provide domiciliary and live in care services in various localities – in part to help pay for the free care advice service
- Helps people out of hospital and back home safely and more speedily ( usually within 8 hours of medical stability always within 24); its Discharge to Assess service is NHS accredited.
- My Care My Home works Dom Care Operators, Care Home operators and Local Authorities (providing the CHIP as an alternative to the Deferred purchase Agreement - better both for some customers and some Local Authorities); and also with NHS Trusts and with Care Advice platforms to offer the CHIP to any customer who, when they are aware of its benefits, may prefer it to the stress, delay and loss of value that result from selling their home on the open market at the same time as facing the anxiety of moving into a care home
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