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. 

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. Peter has considerable experience with the care industry. 

Contact us today on 01424 844243 or via our contact page for an unbiased review of your protection policies or other financial affairs.