Surround care members savings club

INFORMATION AND TERMS

‘Surround Care’ offers its Savings Club to members in order that the person/client if they wish can save some money specifically to pay for receiving ‘Care’ in your own home.  If you need to go into a nursing or residential home at a later date the funds you have paid in can also be used to pay the home’s fees until your funds run out.  You can only have back what you have paid in plus any interest and shared donations.  (Interest and donations added to your account will also be used to pay for your care).

You cannot use your savings for private health care in general.  The funds you save can only be used for care in your own home or residential/nursing home, in your twilight years.  There can be exceptions but it would have to be agreed and accepted and the exception signed for by all parties, the Client , witness and ‘Surround Care’ prior to the start of any saving membership being accepted.

The ‘Care’ must be carried out by Surround Care or a nominated care situation that Surround Care has agreed to, this may occur should the situation arise that Surround cannot for some reason carry out the specific care required with their own staff.
Your membership status and your saved funds will pay for the ‘Care’ that you require and agree to. This will be confirmed prior to receipt of any client savings.

The ‘Surround Care’ Savings Club does not form part of ‘Surround Care’ Limited Company, your money is completely safe and will remain safe for you.  Client’s savings are held in a Client Savings account and cannot be used for any other purpose other than for yourself.  However if you become deceased before you use your funds you can be pleased that any remaining funds will be distributed equally between your fellow members.

• The saver/or client himself/herself can withdraw all their funds themselves as per their statement (excluding donations) at any time, with 7 days notice.

• The funds are not transferable to relatives and cannot be drawn out by next of kin.

• The saved funds do not form part of any ‘Will’ or ‘Estate’ for dispersion.

• Should the saver/client become deceased before using any of the funds, or all of the funds, then the remainder or balance in-situ will be distributed between all the other savers to boost the funds for their individual care.

• Surround Care the business will not be included in the funds distribution.

• Interest paid and received to the client saver account, half the lump sum will be distributed between all the members and half paid to ‘Surround Care’ the Business to pay for its administration.

• Interest received will not need to be declared on your tax return as it is the property of Surround Care Members Savings Club.

• The money saved or donated to pay for your care will not form part of your estate.

• Your own property, providing you have paid in enough funds,  can remain for your children’s or relatives inheritance.   What you have worked for (your home) is not compromised to pay for your care.  Providing the saver/member has reserved enough funds, your statement will show this.

• Your statement will show each saved amount and the current balance.

• Surround Care will deduct, and your personal statement will show, the amounts deducted for your care provision which you and a witness must sign and agree prior to care taking place and you being told the cost.

• Any variation to the care plan from time to time must be signed and agreed in writing.

• An invoice to the nominated member/saver will be provided to the Savings Club for every deduction made.

• You or your nominated person (and you must agree the nominated person), may challenge the invoice and/or deduction within 7 days from the date of the invoice/deduction.

• Any challenge to any invoice will not be accepted after the 7 day period.

• The amount being charged for care must be clear and accepted by at least three parties, the client/saver and a witness, an authorised representative from Surround Care and a witness. The same person may witness both parties if agreed and accepted by all concerned.

• ‘Surround Care’ the Business may accept donations from time to time from parties specifically wishing to donate to the business.

Your Questions answered:

What is a Care Savings Club?
Who is eligible to participate in the Care Savings Club?
How can payments be made?
How can I find out my Care Savings Club  account balance?
Can any of my family use my saved funds?
Can I have my saved money back?
Can I talk to an Accountant or Financial Advisor about this?

What is a Care Savings Club?
Surround Care Savings Club allows members/savers, to save money, tax-free, to pay for Home Care. It is administered by Surround Care Limited.

Who is eligible to participate in the Care Savings Club?
Any person can save with Surround Care.  However there may be exceptional circumstances when Surround Care may decline to accept a person as a saver/member.  In these exceptional circumstances Surround Care Limited reserve the right to decline participation and the decision not to accept the person shall be final. 

How can payments be made?
The member/saver will determine how their contributions are made, as only the funds you save can be used when care is required. 

How can I find out my Care Savings Club  account balance?
You will receive a statement from Surround Care four times a year which will detail your account transactions and balance and will include any other interest added or disbursements. 

Can any of my family use my saved funds?
No, your funds are not transferable to family or friends.

Can I have my saved money back?
Yes, you the saver/member can withdraw your funds any time, by giving 7 days notice.  The return of funds will be all that you have paid in.  It will not include any monies donated to your account from other members.

Can I talk to an Accountant or Financial Advisor about this?
Yes, we can provide you with the name of Surround Care’s nominated accountant, or you can speak to an advisor of your choice.   Your initial enquiry to Surround Care’s accountancy practice will be free, however the accountant is free to charge independently for an appointment and any advice or business transactions.  Any independent advice given will not form part of Surround Care’s Terms or its Conditions of Business.   Should you decide to use an advisor of your choice, the same business principle applies in that any advice or business transaction that takes place cannot and will not form part of any Surround Care’s Terms, Conditions or liabilities.

Any discussions, agreements, information and business that may take place between a saver/member and our or any accountant or financial advisor does not form part of Surround Care information, its terms, its conditions or its care and will remain totally independent.

Surround Care exclude liability from advice given by any external party.