Long Term Care
As a member of SOLLA (Society of Later Life Advisers) we are one of three accredited independent financial advisers within a 50 mile radius of Shrewsbury. SOLLA was founded in 2008 as a not for profit organisation, to meet the need of consumers seeking later life advice. They aim to ensure that consumers are better informed about the financial issues in later life.
Increasing life expectancy ought to be a cause for celebration but, unfortunately, while many people are living longer, they are not necessarily doing so in good health. A retirement spent on cruise ships or golf courses is only the outcome for a lucky few as, on average, people can expect around a decade of poor health in retirement. As a result, long-term care is becoming an increasing and pressing need for many.
WAYS TO HELP COVER THE COST
Care home costs often come suddenly and can be difficult to quantify over the long term, especially because it is not easy to predict how long an individual will spend in a home. While the average time is just two and a half years, around one-fifth of those people going into a care home will remain there for more than four years.
While the bill for the average person may therefore be some £50,000 to £60,000, expenditure could run into hundreds of thousands of pounds for others, potentially using up almost all of the capital built up over a lifetime. Once private funding is exhausted, individuals will be reliant on state funding, which may not be as generous and they could therefore be forced to take a drop in the quality of their care.
That sounds bleak but there are ways to manage care funding in order to lessen the financial burden for an individual and their family. Our Financial Planners will be able to help guide people to the best options for their needs.