Long Term Care
Long-term care is a sensitive area, which our advisers handle accordingly. We can help give you peace of mind around funding the costs of packages, which may cause you worry in relation to assets and reduced inheritance. It’s very important to us to find the best way for you to fund care, while also protecting your family assets. We are experienced in this area and can give guidance and help at what is often a worrying and stressful time for families.
Among most of our clients, the most important considerations when looking into long-term care are usually the location, cost/funding and eligibility for state benefits. These can vary widely between each care provider, so it is important that your decision is correctly informed. It is also crucial to choose the right type of care.
Care at home
This is the first option for most people, which is usually supported by local authorities for as long as possible. The amount that you pay for home care depends on a number of factors and your local council will carry out a care needs assessment, where they identify the support that you require. Once the council has established the care you need, they will then carry out a means test that takes into account any income or savings. This means test will help define how much you pay towards your home care. If your savings and property amount to over £23,250, you will be required to pay all your care fees.
The UK average for home care is around £15 per hour. If you are paying for the care fees yourself, our team of experts are here to help explain the various allowances available that might help to reduce this cost.
Without a doubt, the current residential care system is seen as complicated and expensive for most people. As with the costs of home care, funding support for residential care will be based on a means test, related to your income and capital. Local authorities will calculate the amount you will contribute towards care. If your savings and property amount to over £23,250, you will be required to pay the full care fees.
Although costs for residential care will vary across the country, the average in the East Midlands is £578 per week. Generally, residential care can cost around £27,000 a year, increasing to around £40,000, if nursing care is required.
Page Kirk Financial Services are on hand to offer advice on the various ways of raising funds for care. You might consider investments and insurance policies, for instance. Whether you’re choosing long-term care for yourself or a loved one, you can be assured that our specialists will take account of your individual circumstances.
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