As it gets colder, older people are missing out on money they’re entitled to
With changes to the Winter Fuel Payment and energy bills set to rise by an average of 10%, John Tonkiss, Chief Executive Officer at McCarthy Stone, says, “Now is the time to act and look at eligibility for state benefits. We’re advising homeowners in our developments to apply for Pension Credit, Attendance Allowance and other benefits through our local teams. If older people in wider society are concerned, we encourage them to look at what benefits they are entitled to…it could make a real difference in the months to come.”
Claiming entitlements like Pension Credit can ease ongoing cost of living pressures but official figures showed that 880,000 eligible households are missing out.
Claiming Pension Credit unlocks even more support
Pension credit is currently set at a weekly minimum of £218.15 for single people and £332.95 for couples, while the Winter Fuel Payment starts from £200 for a home with a single person or couple under 80, to £300 where both occupants are above 80. Claiming Pension Credit entitles people to continue to claim the Winter Fuel Payment tax free. Pension Credit claimants can also receive other support such as reduced Council Tax, free NHS dental treatment, a voucher towards the cost of spectacles, and a free TV licence if they are 75 or over. Read about benefits older people can claim.
Could downsizing to a new home keep you cosier?
In view of the further hikes in domestic energy costs, now could be an excellent time to re-examine your living arrangements especially if you live in a large period property with poor insulation. Downsizing to a more modern and compact, purpose-built retirement property can deliver significant savings, through reduced energy bills, lower Council Tax and cheaper maintenance costs. What’s more, new Government research has demonstrated that living in a retirement community results in improvements in happiness, wellbeing and satisfaction.
Care costs can also be a concern for some
Care is another area where costs are set to rapidly escalate. The Government has decided to scrap the proposal for a cap on care costs, making retirement properties that have care and support available on-site—such as McCarthy Stone’s Retirement Living PLUS—an even more attractive option. Paying at least £1,000 a week is now the norm for a care home, while receiving care at home can cost nearly as much. At our Retirement Living PLUS apartments, the average service charge is a fraction of that, at around £9,000 a year for a one-bed apartment. This includes an hour of support a week and a manager on-site 24/7, along with additional services like a bistro and domestic care and personal support services that can be bought in increments of 15 minutes and scaled up or down.
Free entitlements advice from McCarthy Stone
McCarthy Stone offers an entitlements advice service for its 21,500 homeowners to help them apply for things like Attendance Allowance, which can be worth up to £108 a week, Pension Credit or Carers’ Allowance. In 2023, we helped over 200 customers access a combined £1m in unclaimed benefits.
Get a warm welcome at our retirement communities
If you like the idea of cosying up in a contemporary new home with a lovely community on the doorstep learn more about our retirement properties near you, call our friendly team on 0800 201 4811 or contact us online for more information.
