LONG TERM CARE
A Caring Approach
The average age of admission into a care home is 82 years for men and 84.5 years for women and the average stay approximately 19 months.
What are the costs of long-term care?
Costs are very different depending on whether you receive care in your own home or in a care home and also depend on how much support you need.
According to a report by healthcare specialists LaingBuisson in 2018, care home costs can range from:
£27,000 to £39,000 per year for a residential care home,
£35,000 to £55,000 per year if nursing is required
These costs may not include things like day trips, hairdressing etc, so it’s important to check exactly what is included.
How can I plan for long-term care costs?
We can advise you on how best to plan for your potential long-term care needs by creating a plan specific to your individual circumstances.
This could be through investments, purchase of an annuity (lifetime income), property-related finance (such as equity release) or a combination of these.
If you’re facing the challenge of paying for care, either for yourself or a loved one, we can help you make the right choices, so do get in touch.
The value of investments may fall as well as rise. You may get back less than you originally invested.
Think carefully before securing other debts against your home. Equity released from your home will be secured against it. To understand the features and risks, ask for a personalised illustration.