Planning Long Term Care

Planning Long Term Care


With the problems surrounding funding for residential care constantly appearing on the news and in the press is it common for clients to be concerned about how much care costs, who will pay for the care and the effect it will have on their family home.


In the UK it is common for care home fees to be in the region of £500 per week, if not more.  This figure will vary depending on the care home you chose.  If a person needs or requires residential or nursing care then the Local Authority will carry out a financial assessment to calculate how much, if anything, the person going into care is required to pay towards the care fees.


The Local Authority Social Services will be responsible for assessing the requirements of the person entering care.  Funding will only be available where a need has been identified.


Currently, in the UK, if you have capital above £23,250 you will be responsible for paying all of your care fees.  If you have capital below £14,250 you will be fully funded by your Local Authority, subject to your income.  If the total of your capital falls between the two thresholds then you will be required to pay a contribution towards your care.


With regard to the family home, the value of this property will not be taken into account for the first twelve weeks of your stay in care.  At the end of the twelve week period the full value of the property will be taken into account unless you have a partner, spouse, close relative over the age of 60, child under the age of 18 or ex-partner who is a single parent living in your property.


Most people will pay for some or all of their care because they have capital and/or income that can be used towards the payment of fees.  There are very few exceptions to this but please see Family Trusts and Asset Protection.

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