Long Term Care is the provision of personal and nursing care for people who are unable to look after themselves without some form of help for the foreseeable future. It applies to conditions which are only likely to get worse as distinct from acute care, which is required for the short-term and will cure or relieve the underlying condition.
Long Term Care may be provided in your own home or in residential or nursing home. Fees in Care Homes vary considerably from around £25,000 to £40,000pa depending on the facilities and accommodation required, and the area of the country.
Many people prefer to receive long term care in their own home but this may also require significant funding. The national average cost of care at home is over £17 per hour* and just two hours per day at this rate amounts to over £12,000 per year!
Funding such care can be a significant worry and, as life expectancies increase, more and more of us are likely to need care at some point in our lives.
Your need for care is assessed by your ability to carry out various Activities of Daily Living (ADLs) such as washing and dressing yourself. If you fail too many ADLs you will need care of some sort and will be assessed as to the number of hours care you need each week.
If you have few personal assets, and currently that means less than £23,250, your local authority will help to fund your care. More than that and you will have to fund any care you receive entirely from your own resources.
Clearly most home owners will fall into the latter category though the value of your home may not be counted if remains inhabited by a spouse, partner or other dependant. Download this summary to see exactly what state aid you could receive and what care is likely to cost in your part of the country.
Even if you do qualify for help with funding there may still be a gap between what your care costs and what your local authority will pay. You must fill that gap yourself! This guide is produced by a care fees assurance company and tho it's not independent it is comprehensive in explaning how care and care funding works.
Like any other financial situation there are ways and means of handling the cost of care but often there are pitfalls and traps for the unwary. It is sensible, if you or a family member is facing the prospect of paying for long term care, to take knowlegdeable, professional advice.
Surprise, surprise... this is where we come in! Our principal advisor, Ashley Hewitt, specialises in the provision of funding plans for long term care and can help you find the most cost effective way of funding your care needs.