Planning for care costs in old age

Typically, an introduction to the world of care fees starts with the realisation that an elderly relation or friend needs care their family can no longer provide.

The preferred choice is usually for the person to stay at home as long as possible and for carers to visit to do what is needed. As with “residential” care, the cost will depend on the extent of care needed.

But who pays what? The Local Authority may contribute but expect “means testing”. It may be possible the care qualifies for NHS Continuing Care, in which case they will probably cover the cost – though this can be difficult to qualify for and an arduous process.

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The Care Act 2015

Residential care is likely to cost in the region of £600 per week and more than £800 per week can be expected for a place in a Nursing Home (ref. Age UK July 2018).

The Care Act 2015 has come into force but not all the expected provisions have been implemented yet and some may not materialise at all.

There was a suggestion that a lifetime cap of £72,000 would apply to privately funded “care needs” an individual had to pay, but this is now in doubt. This would not have covered the cost of daily living, such as accommodation and food, meaning these costs would still be a potentially unlimited amount.

Making provision for care costs in later years and preserving your capital is an important part of financial planning. We are experienced and suitably qualified to provide this advice.

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Links you may find helpful

Andrew Dickson Limited Article (July 2018)
Age UK
NHS Home Care
Money Advice Service

Whether an immediate crisis or you’re looking at planning for the future, please feel free to talk to us to see what we can do.

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