Financing Elderly Care
This is the key decision you will need to make and your financial situation and ability to access funding will play a significant part in making this decision. The level of funding available will also differ in England to Scotland. Going into a residential care setting means you will be able to sell the home and release funds to help pay for long-term care, although you won’t then have your asset to pass onto your family.
There are many other ways in which you can finance elderly care, including equity release and/or the purchase of a care fees annuity.
Cost of care
When evaluating the costs of care you will need to consider what the weekly cost of care is, whether receiving care in your own home or in a residential home. Many home care agencies will also charge for a care assessment prior to starting a service. It is important to understand what other chargeable extras there are, for example waking night call fees and carers travel expenses. If you are a couple both requiring care, the cost of care can be considerable. Home care is likely to be more cost effective than moving into a residential setting and allows you to stay together for as long as possible.
You may also be entitled to state funding for your long term care needs and whether you are in England or Scotland it is worth speaking to your Local Authority or Primary Care Trust to see what is available.
We can provide advice and guidance on what is available to you – call us today on 0207 632 5955 or complete our online form.