As we age, we’re likely to need some level of care, especially if we experience declining physical and mental health and mobility issues.
If you want to continue living in your own home and access care from your local council, you don’t have to sell your home. However, in order to access the care system, you will be “means tested”, and the results may limit what you receive.
Only those who have assets totalling less than the current £14,250 threshold will be entitled to the maximum possible public funding. This basically immediately eliminates anyone who owns their home outright, who has savings, ISAs, stocks and shares, or other valuable assets.
Funding for social care (home care) and other social services is a tricky landscape to navigate, and the outcome will also depend on where you live in the UK and who your local council is.
Contact me to discuss strategies and ways to protect your long-term care planning.
Funding long-term care costs
Means testing is required if you are looking for funding for home-based care or in a care home from your local authority. If the council considers you can pay for your own care then:
- Your home may have to be sold
- Your savings and investments could be quickly spent
- Any income will be used towards the cost of your care
- You can’t leave any inheritance for children and grandchildren
Looking for more information on long term care planning?
Read my articles below, or call me today to discuss your own situation and concerns.
Long Term Care Planning Articles
- We need to talk about care. Time for an honest discussion about your potential long term care requirements
In the UK, and across the world, we are living… Read more: We need to talk about care. Time for an honest discussion about your potential long term care requirements - Leaving a legacy or looking out for no1? Wills, Trusts and long-term care planning
Paul Hammond writes: The new Scottish Widows Retirement Report for… Read more: Leaving a legacy or looking out for no1? Wills, Trusts and long-term care planning - Top 10 Questions About… Long Term Care Planning
Long-term care planning should be front and central in your… Read more: Top 10 Questions About… Long Term Care Planning - Why long-term care planning is for now, not later
The average life expectancy in the UK keeps on rising.… Read more: Why long-term care planning is for now, not later - Long-term care: why you might need to revise your cost estimates
Long-term care isn’t something many of us think about when… Read more: Long-term care: why you might need to revise your cost estimates - Looking after No1: gifts, long-term care and inheritance tax
At a time when living costs are rising in ever-steeper… Read more: Looking after No1: gifts, long-term care and inheritance tax - Long-term care in 2022: what the government has got planned
In September 2021, the government set out a new plan… Read more: Long-term care in 2022: what the government has got planned - Long-term care: why you need to plan now
There’s good news for anyone about to retire – you… Read more: Long-term care: why you need to plan now - Long-term care: financial assessment and future planning
Moving into senior residential care may not be high on… Read more: Long-term care: financial assessment and future planning
