Paying for long term care
Whilst the good news is that we’re all living longer, it does mean that one in four of us will at some point require care or nursing support in old age.
Social Services and the NHS have obligations to care for the elderly, ill or disabled. If you have complex needs, then problems can arise, as the boundaries between health and social care aren’t always clear-cut. Services provided by the NHS are free while those available via Social Services are means-tested, so any decision taken about your care can have significant financial consequences.
Currently, anyone with assets over £23,250 must pay the full cost of their care. From April 2020, the amount you pay for care will be capped at £72,000.
How we can help
We can offer advice on issues such as benefit entitlements, care assessments, and the likely cost of various forms of care. There’s often a variety of ways in which you can raise the money to pay for your care, and we can advise on which method would work best in your circumstances.
Many people simply use their savings and investments to pay their fees, and we can advise you on the best way to do this. There are also property-related options, such as equity release, that can help you access the money tied up in your home, or a deferred payment agreement where your local authority helps with the cost of care and recoups the money when your property is sold. There are also specialist immediate care plans that are purchased with a lump sum and in return pay a guaranteed income for the rest of your life.
If you’re facing the challenge of paying for care, either for yourself or a loved one, we can help you make the right choices, so do get in touch.