Taking the stress out of paying for Care

 
Life expectancy continues to lengthen and more of us can expect to need some form of long term care.  Meeting this cost is a growing concern for many people in the UK.

 1.  What can care cost?  The average cost of care at home is £17.30.  So two hours of daily home care could amount to more than £12,600 a year - not including higher rates for weekends and holidays.  If 24 hour care is required costs could rise to more than £150,000 per year based on this hourly rate.

The average costs for residential care can vary depending upon the location and whether nursing is required.  A general guide for a residential care home is £24,908 a year and £34,788 for a nursing home.
 
2.  Whatever care an individual requires - and whether or not they can afford to pay for it - the local authority has an obligation to carry out an assessment to determine their needs.  The first thing you should do when you think a relative needs care is contact your local authority to arrange the assessment and ask about any allowances that you may be eligible for.
 
3.  Local authorities and the NHS can help with the cost of care - but support is limited.  Depending upon the value of savings, property and other assets people may have to pay for their own care. 

As a general rule, if a person has savings and assets, excluding property above £23,250 in England and Northern Ireland, £22,000 in Wales and £22,750 in Scotland, in most cases, they will have to pay for care. Anyone who has less than these limits is entitled to financial assistance from their local authority (more information).
 
4. Do you have the legal authority to act on behalf of your relative?  It is vital to have a Lasting Power of Attorney and to make a Will.  These documents can only be created before losing mental capacity.
 
5. When looking for financial advice on long term care funding, it is important that you speak to an adviser qualified in giving that advice.  There are specific exams that an adviser needs to sit to qualify them to giving long term care funding advice. 

Considering the large sums of money involved when paying for care it is amazing to think that only 17% of people who are self-funding (paying for their own care) will have received specialist advice.
 
For more information on paying for care and how to find a qualified adviser, download the  'Funding Care In Old Age' booklet which has been produced by Partnership, the market leading provider of Care Plans to fund long term care fees.  

To see a Care Plan explained, watch this short video.

All of the points mentioned above can be found in more detail in 'Funding Care in Old Age'.

For a no-obligation personal consulation speak to a specialist advisor on Freephone 0800 088 4335 or email enquiries@partnershipcaredirect.co.uk.

For more information visit www.partnershipcaredirect.co.uk.