6th October 2023
Cost of care in later life
CHOOSING THE BEST OPTION FOR YOURSELF OR YOUR LOVED ONES LATER IN LIFE
The cost of care in later life can vary greatly and depend on a multitude of factors. Notably, the type of care required, the individual’s financial situation and their location within the UK play a significant role in determining these costs.
Many underestimate the true extent of care home costs and fail to plan for them adequately. However, a comprehensive wealth strategy can provide essential financial preparedness for long-term care. In England, individuals with assets worth more than £23,250 are typically expected to pay their own care home costs unless they have significant ongoing health needs.
BRING PIECE OF MIND
It is crucial to consider contingency plans for care costs, whether that involves a care home or care at home. Having funds earmarked for later-life care can bring peace of mind and enable you to choose the best option for yourself or your loved ones.
You can explore various strategies to address care costs, including inheritance tax planning and annuities for care home fees. Seeking expert professional advice can help you establish a ‘care costs plan’ that provides peace of mind and eliminates worries about managing care home expenses when the time comes.
TAKING A HOLISTIC VIEW
If your circumstances change and residential care becomes necessary for you or another family member, taking a holistic view of your overall wealth is essential. By doing so, your professional adviser can create the right financial plan to support you throughout the rest of your life. This may involve care home tax planning for capital maintenance, assistance with inheritance plans, or utilising an annuity for care home fees.
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The cost of care could reduce your personal wealth significantly and alter any plans you might have to leave an inheritance to your loved ones.