Funding for long term care
Long term care can be extremely expensive. Whether the care is needed within the individual’s own home or in a residential or nursing home, the capital or investments that may have taken years to build up can be quickly eroded by care fees. Ted Stevenson explains how this problem can be addressed.
The majority of the population are not familiar with the complications and costs involved in long term care until we or our loved ones are faced with the reality of needing that care.
If and when the need arises, it is normally with little notice or opportunity to prepare and adequately research the options available.
This can result in a very distressing time and without help or guidance through the maze of benefits and options available, it may not take very long for any capital that has built up to be completely eroded by the fees that are required.
If a person’s capital and savings and/or income push them outside the means test thresholds they will generally be responsible for the funding of their own care fees until such time as their money falls below the appropriate threshold.
However, with careful planning it may be possible to structure their finances in such a way that care fees can be paid indefinitely, without worry about the future or what might happen if the money runs out.
For further information, see Financial Planning for Older People.
Click here to request a free copy of The Ultimate Care Fees Planning Handbook which is produced by Symponia.