Understanding the options for funding can help make paying for later life care, a little less daunting.
Meeting the cost of care is a growing issue for many people in the UK. Recent investigations show that one in three families and one in four males who reach 65, will need or receive some form of care during their lifetime.
The average cost of residential care in the UK, is registered to be between £28,600 and £32,000 a year.
Issues surrounding care, and the funding of care costs, can be complex and depending on your personal needs and where you live. But here are some answers to some common questions that are raised with us on regular monthly basis.
‘Our parents have joint income and around £30,000 in savings. My father needs to go into care, but my mother wants to remain at home; can we be forced to sell the property to pay for our father’s care?’
‘My widow father now needs to go into care. He does not qualify for the local authority funded care due to the value of his house, but it may take months to sell his bungalow to help with the cost. What can we do?’
‘Can we put our house into trust to avoid a forced sale, in the event that we may need to go into care?’
‘We have paid for my mother to be in a nursing home for three years. Her condition has now deteriorated, and she requires round the clock care, can we get any more support?’
‘My sister and I have lived together for 20 years and are now in our early eighties. What will happen to our property if one, or both needs to go into care?’
This and many more questions are raised, and owing to the nature of the client and particularly the age, they are not able to easily access the information which is available through various websites.
There are specialist companies who will provide free initial advice in respect of these matters, and of course it may be appropriate at some time to appoint a financial advisor to give the appropriate advice.
We work with a number of companies in such fields, and should you have queries relating to these types of care concerns, please contact us through our contact page.