As medical advances and healthier lifestyles lead to ever increasing life expectancy, more of us will find ourselves needing some form of care in later life.
Meeting the cost of this care can be extremely expensive. The average cost of residential care in the UK is estimated at £27,612 per year, rising to over £38,000 per year if nursing care is required, which costs an average of £15 per hour.
Excluding those people who are severely ill, the average time spent in care is four years. In fact, 1 in 8 people spend more than seven years in care.
It is therefore clear, that any prolonged period in care, for people who are self-funding, will get extremely expensive, with bills running into the hundreds of thousands of pounds not uncommon.
For some people, the State will help meet the cost of care and the Government is introducing a ‘Care Cap’ from April 2016, but many people will still end up paying significant sums from their own resources.
Without doubt, this time of life can be financially stressful for many people:
- Will there be enough money to pay for the type of care needed?
- Will the family home have to be sold?
- How will it reduce the amount of money you can leave to your loved ones?
These are just some of the questions we know people facing up to the thought of paying for care, will be worried about.
Whether you have not yet retired, have recently finished work, have been a pensioner for some time, or have parents who are facing the prospect of needing care, this guide will give you all the information you need, to make the right choices for you and your family.
What can you find in this section of our website?
Click on the links below to learn more about paying for care in old age:
We hope you found our guide to paying for long term care helpful, are you concerned about paying for care?