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. |
