LONG TERM CARE

How to plan and pay for care home fees

You may have carefully planned your retirement to ensure you have sufficient income, but have you considered what might happen if you or a family member require long term care?

Care can be anything from having a home help visiting weekly to receiving 24-hour care in a residential home.  At some point, you may have a family member who requires long term care, or you might be considering your own future and want to ensure you are well looked after. Whoever you are planning for, we can help you determine which type of care is most appropriate as well as the best way to save for it.

Not every adviser can give advice on long term care planning

We have advisers with the necessary qualifications who can give you this advice and are experienced in calculating the potential costs of long term care. An adviser can help plan so that you or your relative will not run out of money in later life and create a solution to help protect your wealth, and pass some of your inheritance on to loved ones.

We can help you to understand:

  • How to choose the right kind of care
  • How to select the right care home
  • Support you qualify for
  • Attendance Allowance
  • Disability Living Allowance
  • The Care Act
  • Your duties under a Power of Attorney

In the future more and more people who turn 65 will require intensive long term care in old age

Frequently asked questions

Long term care involves a variety of services designed to meet a person’s health or personal care needs. This can help people to live more independently, when they can no longer conduct everyday tasks.

Depending on your circumstances you may qualify for funding from the NHS or your local authority. If you are funding long term care yourself, there are many options that you can use to fund long term care. We have advisers with the necessary qualifications to advise you on calculating the potential costs of long term care and creating a plan to fund this.

The value of an investment with St James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.

The cost of care homes can depend on where you live in the UK. The average cost of a residential care home in the UK is £32,000 per year. In London and the South West is it approximately £40,000 per year.*  *Laing & Buisson Care of Older People UK Report 2016/17.

Everyone’s circumstances are different. Some people will qualify for some funding for care from the NHS or benefits, even if you do receive this it may not cover the entire cost of the care you require.

Currently in England and Northern Ireland, if your capital and income exceed £23,250 you will need to pay your care fees yourself. Preparing for long term care in advance will help towards you having the funds available to pay for what you need.

The value of an investment with St James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.

Care can be anything from having a home help visiting weekly to receiving 24-hour care in a residential home. At some point, you or a family member may need a type of care.

At Four Wealth Management, we have Financial Advisers who have the necessary qualifications to advise on long term care planning. It is advisable to prepare for care in advance as you do not know when you or a family member may need care.

This depends on your health and the level of care you require. If you have a long-term health condition or illness, you may rely on care for the rest of your life.