In the UK, we are enjoying increasingly longer life expectancy because of higher living standards and advances in healthcare. Combined with a declining birth rate, this means our population is ageing. While many older people can now expect to live to an advanced age in good health, it is inevitable that a proportion of this group will require additional care as they grow older – which comes at a cost.
With frequent legislative changes and rising care costs to think about, planning for your long-term care needs now is essential to protect yourself and your family down the line.
The cost of staying in a care home depends on where you live and the type of care you need – whether it be in a residential care home or full- or part-time care at home. It’s possible, but by no means guaranteed, that you may be entitled to support from your local authority to help you with the costs.
Government funding for care varies across the UK. The amount you receive will depend on the capital you have, but the capital limits are different depending on where you live. Your capital will be assessed by your local authority, who will take into account (amongst other things) any property you own (although this will be disregarded under certain circumstances), money held in bank accounts or building societies, investments, premium bonds, cash etc. It’s fair to say that there are a lot of factors to consider. And while nobody likes to think about the possibility of requiring long-term care in later life, planning and ideally putting money aside just in case is a sensible option. Taking professional advice makes a lot of sense.