Helping your relatives when they need care
When someone goes into care, it can be an emotional and difficult time for all involved. It is a situation you probably have no experience of - it can be very daunting and it can be hard to find advice or information.
If a person is not eligible to have their care funded by the local authority there are the added concerns of sourcing funding and potentially selling a much-loved home. Once the person is in care, there can be the worry of mounting costs and potentially running out of money.
However, with proper financial planning advice, many of the concerns should be alleviated.
The cost of residential care can vary hugely by location and depending on whether the individual requires nursing or not. The average cost of residential care in the UK is now around £25,000 a year. If nursing is also required, this can rise to over £35,000 a year.
Remember too that these are only the costs of residency and nursing. Costs that may still need to be met on top of a care home’s bill might include:
- clothing, toiletries and personal items
- trips and treats
- telephone call's
We have created a guide for those going into care, and their families. You can download it here or order a copy by emailing us.
The importance of financial advice
In all cases it is advisable that people receive advice from a suitably qualified Independent Financial Adviser (IFA). Not all IFAs are qualified in providing advice on long term care products and it is important that people speak to one who has passed the necessary qualifications.