Long Term Care

Due to advances in medicine and improved overall quality of living standards, people are living longer than ever before. There is a downside however; the longer people live, the higher the chances they will suffer serious illness or disability. Simple tasks such as washing, moving about the house and preparing meals can become increasingly difficult, often leading to people requiring professional care on a day to day basis.

The Reality of Long Term Care

Care at Home

Individuals may wish to receive care at home and are positively encouraged to do so. However, the eligibility criteria for government support has become much more stringent and as such only the most needy of cases receive funding for the desired levels of support and care.

The average cost of care is £17.30 per hour* so on the basis of just two hours per day, the cost would be in the region of £12,600 per year. This does not include higher rates charged for weekends and bank holidays. If 24 hour care is required costs could rise to more than £150,000 based on the above hourly rate although in such circumstances residential care is usually more desirable.

Residential Care

Approximately one in three people will need residential care at some stage of their lives and the cost of this care can be high.

The average annual fees for residential care in 2009/10 was £24,908 which increased to £34,788* if nursing care was also required. These figures increased by 2.6% on average from the previous year*, therefore it’s wise to expect increases year on year. And let’s not forget the uncertainty of not knowing how long this care will be needed.

Long Term Care Funding solutions

If care costs are expected to be met from savings or investments, or even perhaps with help from families, there is a real possibility of running out of money, particularly if care is required for much longer than anticipated.

Our service offers a variety of solutions for the funding of Long Term Care from the whole of the market to ensure we select the best option for you.

All options offer a variety of solutions varying from a guaranteed regular long term income for the rest of your life or as long as you need care – creating certainty that you will be able to pay for your care however long that may be.

Whether you need care payments to start immediately or you want to self fund initially and defer your income payments until required we can offer an individually tailored solution to meet your specific needs.