Care Home Funding
This issue of long-term-care is becoming more important as average life expectancy increases, consequently there is a greater possibility of serious illness at a much older age.
As rates of disability and illness escalate with old age, it’s currently estimated that one in three of us will require long term care at some stage in our lives and, if not properly planned, it has the potential to be financially devastating. It can also have a huge impact on family members who often provide care without any financial assistance.
Research into the area of long term care funding consistently highlights the need for expert, impartial one-to-one advice in this area, but so few people know where to turn to get the advice they need.
Long-term care results from a person being unable to look after themselves without some form of help. The result can lead to the need for care assistance in the home or eventually in a Residential or Nursing home.
Costs of funding care vary widely depending on the nature of care required. State assistance is provided but is subject to a complex formula which in many cases does not go beyond attendance allowance. Typically the individual’s personal assets will exclude financial assistance and in these circumstances the residential or nursing home costs will have to be paid in full by the individual.
As the long term care funding market has remained relatively undeveloped in recent years, despite many industry initiatives. The funding of care home costs is generally met by utilising a combination of existing pension income, investment income and capital. Other funding methods include Immediate Care Plans and professional advice should be sought before proceeding.
Often in these circumstances we work closely with the attorney who is responsible for the financial affairs of the individual. We have considerable experience with the care industry.
We offer FREE, initial consultation which are conducted without charge or obligation.we can see at our office or in the comfort of your own home.