Long Term Care Planning

Published: 13 May 2019

People are living longer and the population in the UK is growing. With an ageing population the need for long term care is increasing and therefore the need to plan for it is also becoming increasingly important. With long term care you don’t know what will be required and for how long, so it can be a real minefield.

Long term care in a care home or nursing home is very expensive and can quickly erode your savings, including the equity in your property. For example, if you are a home owner with savings and a reasonable pension, then if you (or your partner) need care, either at home or in a care home, it is likely that you will incur significant costs, whilst not getting much, if any, help from the State until your savings have been reduced.

Which? Reports, “do I need to pay for long-term care? If your relative has more than the upper assets limit (£26,250 in Scotland; £23,250 in England and Northern Ireland; and £30,000 in Wales), they are not eligible for local authority help and must pay their own care-home fees.

As a 'self-funder', they are able to choose any residential care home they like. They might also be able to claim some benefits and allowances to help foot the bills.
Residents normally agree a contract directly with the care or nursing home.

Your relative might be charged substantially more than the local authority pays, however, because councils block book a sizeable number of places and can negotiate a cheaper price.”
Read more https://www.which.co.uk/money/pensions-and-retirement/long-term-care/paying-for-long-term-care-yourself-a4r2w0n7fs4z

At Cotswold Independent Financial Services, we will help you to put plans in place so that you can be confident you will get the care and support you need if required.