Long term care
Long term care advice
It has been well publicised that people are now living longer. The main factors said to be affecting this are mortality, fertility, health provisions and lifestyles.
Thinking about ourselves or our loved ones needing long term care can be a daunting prospect.
There are many different things to consider and you may feel overwhelmed at what is already an emotional time.
Depending on your circumstances you might not qualify for funding from the NHS or your local authority.
Even if you do, the amount you receive might not be enough to completely cover your care costs either at home or in a care home.
If this happens, you’ll need to think about how you’re going to top up any contributions, or if you have to pay for it all yourself.
Options for funding long-term care can be complicated to understand. So, if you or a loved one need to pay for care at home or in a care home, it’s important to know the facts.
Choosing the right care is probably something few of us have much experience of. The type and location of care homes, eligibility for state benefits, and funding the care itself, are all important considerations.
It is impossible to predict exactly how long care will be required meaning we don’t know how long it will have to be paid for.
If the money runs out this will mean relying on the local authority to fund your care, and there are no guarantees the local authority continues to pay for the same or similar standard. Unless the payment gap can be bridges by other means, compromises may have to be made. There is the risk of all your money being used up and nothing being left for your family to inherit.
Careful financial planning can make it possible to fund care for as long as required, whilst maintaining as much capital as possible.
Methods of funding long term care costs
- Own income or family contribution
- Savings accounts
- Care fees plans
- Your property
You may receive sufficient income from pensions and existing savings and investments, or rental income from your home, to pay for care in full or as a ‘top-up’. Alternatively, your family may be able to cover some or all of the cost.
Choosing the right kind of care for your situation
- Care at home
- Independent living schemes
- Residential care
- Nursing care
- EMI / Specialist care
Care at home, sometimes also referred to as ‘domiciliary care’, is usually first choice where possible.
Care at home does not have to mean personal care; it could mean a help with cleaning, a laundry service or help with meals.
We can help you explore all the options when it comes to paying for care and making the right financial decisions, providing you with peace of mind at a time when it’s needed most.
Don’t go it alone! Get in contact and find out how we can help you.
Contact us for a free initial meeting
To find out more about how one of the leading firms of accountants in Sheffield, Doncaster and Northampton can help you, please contact one of our specialists. We believe in long-term client relationships and understand the importance of meeting to establish that you like us and we like you. This is why we offer all new clients a free initial meeting which will enable you to have a discussion about you and your business issues.
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