How to Financially Plan For Elderly Care For Yourself |
Posted: April 2, 2019 |
Like all the big life-changing decisions, planning for your old age is something to think very carefully about Firstly you have to decide what type of care you would like for instance whether live-in care is an option you would look at. Having decided on this you would then need to find a suitable live-in care agencyand one which can give you all the advice and information you need on what live-in care entails. Care in the UK is means-tested and if you have assets of more than £23,250 you have to pay for your own elderly care. According to research by the Live-in Care Hub97% of older people express a wish to stay in their own homes despite any frailty or illnesses they may have but are not sure if this is financially viable or even possible. It helps to know just how live-in care is going to affect your finances so that you can start to make plans for your care. What are you Paying For with Home Care? The cost of staying in a residential care home can be affordable or prohibitive depending on the area you live in however with residential care you are paying for accommodation and food but not the actual care costs. Having a visiting carer can be equally expensive but with this there is not the continuity of care, or of carers. Live-in care on the other hand is comparatively economical with all the added advantages which come with staying in your own home surrounded by your own things and with the full-time attention and care from one trusted carer.
Work Out What You Need Live-in care costs depend on the level of care you require whether that involves minimum personal care or full-on nursing and clinical care and whether you want a fully managed service or not. Aside from this you will also need to factor in your carer’s living costs such as food, heating and lighting, etc. It may seem a daunting task working out what you will need from your care and how you can manage the cost but when you take advice in plenty of time from an expert not-for-profit association like Care Funding Guidance you’ll soon find it simpler than you first thought.
How Can Care Funding Guidance Help? Together you can firstly work out how to pay for your care by finding out what it will cost, what your income, assets and outgoings will be and what benefits, if any, you may be entitled to. This will give you a figure relating to how much money you will need to find or how best you can generate income, to fund your care. For instance you could look at using your cash reserves but this means income is not generated or replaced. Investments such as stocks and shares or bonds could make enough to fund your care. Other options include equity release or a care fee annuity. Take plenty of advice to see which option is best for your situation.
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