Long-term care
Every week, thousands of elderly people move into a care home in this country, but for many, moving into long-term care comes as an unexpected financial burden.
Care home bills run into hundreds of pounds per week, and your local authority can only help people with assets worth less than £14,250 (England). Anyone with capital over the minimum figure is required to contribute a tariff towards their care costs. Anyone with capital over £23,250 is required to finance their own long term care. Even then, family members can still be asked to contribute.
You could be forced to sell your home in a hurry to pay the bills, or your family might have to sell their own home to help. Either way, meeting these bills can be a terrible financial strain.
Research by Partnership, the ill-health retirement and care-solutions provider, found that 37% of British adults over 50 have had to help a relative or friend into residential care. The survey also found that most people don’t know where to go for advice at this difficult time.
AYP Financial Planning’s Care-Free Funding Service protects the elderly and their families, acting quickly to protect your assets and secure care costs indefinitely - for those about to move into care or those already in a nursing or care home.
We can potentially help you to fund your care without losing your home or depending on your family to sell theirs, working closely with your family solicitor, care home and your GP or hospital to find the best solution for you.
We also have an experienced care finder on hand to search for a suitable home for you or your relative, visiting homes in your area, organising viewings for you and helping with your move.
When you consider how much longer we are now living (if you’re 40 today, you have a 49% chance of living until you’re 90 - Source: Continuous Mortality Investment) this is likely to be an issue you will face.
You can start to prepare for it in your 40s or even earlier, and because we are fully independent, we are able to search the whole of the financial market for products to protect your old age and help fund your long-term care.
Use the contact tag on the menu on the left of this page, or telephone 01434 607 808 for an appointment with an experienced adviser.
How are you going to fund your long-term care?
Will your pension still be paying out when you’re 101?
Are you protecting and maximising your assets?
