However, it is also expected that more of us will need residential or nursing care in our later years.
The cost of care is an issue that many older people feel that it is impossible to avoid. The cost of care in Wales averaged between £419 and £589 per week back in 2009*, depending on whether residential care or nursing care is required. The standard of care also differs widely, depending on the care home selected.
The family and person entering care will often desire the best care home, but have reservations about long term costs. It is also possible that some people entering care will qualify for some state help with the cost of care, but are unsure about what financial assistance is available. Some costs of care may be met by the local health board, and some by the local authority.
It is important to also consider assets which may be exempt from any financial assessment for care costs.
It is also important to know what state benefits you are entitled to when entering care. Entitlement to state benefits such as Attendance Allowance will also depend on whether you are self funding, or in local authority funded care.
There has also been a lot of news recently about people paying for care when it should have been provided free through continuing care by the NHS.
There are several fears for people entering care, such as:
- If self funding, how long will the money last?
- The intended inheritance could disappear after many years paying for care.
- Having to move a settled relative out of a care home if the available funding runs out.
- Local Authority funding not meeting the costs of the desired care home.
- The family may have to top-up funding to meet the costs of the care home.
How can we help?
As a specialist adviser on financing long-term care, we can discuss and put in place the most appropriate funding solutions for paying for long term care costs.
This will include discussing your entitlement to local authority support, as well as whether there is a need to pay for your own care, or whether it could it be provided free by the NHS.
Our knowledge in this area will assist when considering the long term funding options.
We will offer you a no obligation initial meeting, provided entirely at our own cost, to see whether you need advice, the costs involved, and agree how we can work together.
If you decide that you need financial advice, then we can develop a plan, and discuss the advantages and disadvantages of the options available. Your plan may not mean buying a financial product, as we could identify through sophisticated cash flow planning that there is enough money available to cover the costs involved.
We are able to provide professional independent financial advice on the choices available for care funding, and would be delighted to meet with you and your family to discuss all the options available. The costs of such advice will be made clear if you appoint us as advisers.
If you require independent financial advice on Long Term Care funding, feel free to call on 01554 770022 and we can arrange a no obligation appointment.
*Source: Partnership Assurance research 2009/10