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Financial Planning For Care

Care fees are a substantial cost and with the high level of people required to care for our residents, it is very difficult to cut corners on cost. Care homes are also highly regulated by the CQC and this has a direct impact on care home fees for all residents.

The average stay in a care home is 838 days which is just under two and a half years. The average cost of care in a nursing home in the South West is approaching £1,000 per week which works out at £120,000 for the average person. By most people’s standards, this is a substantial amount of money and if you don’t have the liquid assets (ie. cash in the bank/huge pension) to cover it, then you will be expected to sell your house and any other assets you may have to fund it.

Also, if you are well looked after, you may find that you live considerably longer than the two and a half year average in which case the cost of care will increase. This may deplete your entire assets pool that you have worked all your life for and were hoping to leave to your family or favourite charity.

One way to attempt to mitigate this risk is to take some professional advice from an Independent Financial Advisor (IFA). They will be able to review your situation and suggest solutions to pay for your care.

To find an IFA, you could ask people that you know and trust if they can recommend anyone they use. Otherwise you could contact SOLLA who accredit Independent Financial Advisors who specialise in advising those of us in later life. Contact SOLLA using the link below:

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