Members: 0 member(s)

Shares ?

0

Clicks ?

0

Viral Lift ?

0%

Business 758 views Sep 26, 2018
How to keep care costs under control

The major events in our lives often cost quite a lot of money. buying a house, having children, holidays and retirement are all things we save up for but how many of us really think about saving up for care when we enter our twilight years.

As most people prefer to think that they will never need care until that time has already come, saving up for care costs is often neglected. Unfortunately, all care options do come with a rather high price. Nobody likes to put a price on care but practically, you pay for what you get so you do need to consider how to keep care costs under control so that you can enjoy the care you want for as long as you need it.

Planning ahead

Speaking to other people when considering your care options can help you to plan ahead and talking to someone about the financial side of care can offer you some valuable advice. However, research shows that only 19% of people who are weighing up their care options spoke to a financial advisor regarding their options. An independent financial advisor (IFA) who specialises in adult care can help to inspect your finances to see what kind of care you can realistically enjoy and also help to plan for future levels of care, whether live-in care, or a nursing home place.

Be realistic

Many people underestimate the true cost of elderly care and so may organise a level of care they cannot realistically afford long-term. The level or care you need is reflected in the cost with specialist nursing care costing the most. Residential care and full-time live-in home care services cost roughly the same amount and at-home companionship care costs the least. Average costs can range from £500 a week for the lowest level of care to anywhere up to £1,400 a week. It is important to be realistic about the cost of care and the cost of care you are likely to need in the future.

Funding

If you are self-funding your elderly care then it is vital to have a plan in place with realistic costs so that you are not left having to downgrade your level of care. You should always plan long-term and an IFA can help you put together a tailored payment plan to get the cost you want for your personal budget. If you require full-time care and the primary requirement for care is for health reasons then you may be entitled to have your full care fees paid by the NHS through a little-known funding stream called NHS Continuing Healthcare. If you do not have much savings then you may also be entitled to care provided by your local county council.

It is vital to do your research into costs and what financial help you may be entitled to as well as talking to an IFA who specialises in later life advice. The more you know the better you will be able to keep care costs at a manageable level.


Tags: #live-in care