Long Term Care Planning
With life expectancy continuing to lengthen, it is likely that an increasing amount of us will require some form of long-term care in old age.
With care home fees rising by 3.5% on average every year over the last five years, meeting the cost of care in old age is becoming a growing issue for many people and their families.
Funding long-term care can be very expensive, with people only receiving help with the costs if they have assets of £23,250 or less, therefore any individual that owns their own home is likely to have to self fund their care in old age.
- In 2013/14 the full Basic State Pension was £110.15 per week for single pensioners and £176.15 per week for pensioner couples. 73% of pensioners receive more than half of their income from state pensions and welfare benefits
- The average cost of a residential care home is £27,612 per person per year, rising to £38,012 when nursing care is provided
- 37% of working age people contribute to a non-state pension, which is a new low
- 1 in 4 of those who fund their own care run out of money
What Can SM Financial Services Do For Me?
Our Independent Financial Advisers specialise in providing advice on an Immediate Needs Care Annuities and Care Home Fee Planning.
If you are expected to fund your own long term residential care needs, our experts offer a free no obligation consultation, to see if we can help.
Planning Long Term Care Fees can seem like a daunting task for many individuals and their family members, but we are here to provide clear and transparent advice every step of the way.
We are associate members of SOLLA, the Society of Later Life Advisers and have over 12 years experience in working with older and vulnerable clients and their families to ensure both their personal and financial needs are met.