The Paying For Care Survival Guide

Rising care costs is a rising social concern. People are living for longer today than ever before, and issues related to old age are becoming more and more important. How does the care system work? Who is expected to pay for long term care? And what help can you expect from the state or from commercial lenders to pay for long term care?

Long term care can include a number of different things. And as such, long term care costs vary with every individual case. However, that costs of care - whether it is carers’ fees, care home fees, or affiliated costs like home adaptation – are soaring is a fact. Care costs can be significant, especially when considered over a long period of time.

The NHS provides fully funded continuing care for those that qualify for it based on a needs test. Continuing care includes any nursing component of long term care as well, and this is fully funded by the NHS irrespective of your financial means. The local Council provides help with care costs subject to a means test rather than a needs assessment.

Care homes vary in how much they cost, depending on where they are located, what specialist facilities they may offer, and the nature of care required. Generally care homes charge weekly fees and could range from £400 – £900 per week. Any personal expenses, costs of medication etc. are not included in care home fees.

The means test considers any income and capital owned by the individual. Depending on specific circumstances such as ownership etc, this may include property, and other investments. As per the outcome of this test the council will either pay full or part of your care costs. Those with a high level of income and capital will have to self fund their care entirely. The threshold for care funding changes every year and you can find the current thresholds from the social services department of the council.

There are many ways to manage your savings and finances to pay for care. Financial products such as care plans, care annuities and bonds can be useful for those who wish to ensure that care costs are met for as long as needed and have access to a lump sum to invest in such a product. Long term care costs can be daunting and careful planning is important to pay for care. Specialist advice can help you make informed decisions about care funding.

Freephone 0800 678 5139 Now for all you Long Term Care Advice & Needs

• What is Long Term Care?

• Things you need to consider

• How much does it cost?

• Can I stay at home?

Long Term care advice is also available from Independent Financial Advisers such as these:

SOLLA • Society of Later Life Advisers
Information on NHS Care
Carers UK