The cost of a single room in a nursing home costs on average over £800* per week. That’s around £41,600 per year and the Government doesn’t seem any closer to deciding what the State will provide to help people with their long term care costs. A policy paper was promised over two years ago but has still not been made public. Currently, the funding of adult social care is broadly speaking, the responsibility of the individual.
Planning for long term care is difficult, as there are so many “and’s, ifs and “maybes” especially if you are not yet in your twilight years, but your Financial Adviser can talk to you about care funding options, as part of our holistic financial planning. With the costs of nursing and residential homes continuing to rise there is the potential for a massive impact on the future prosperity of families and individuals.
Find more information about financial planning for Long Term Care.
We have expert Advisers who have gained the extra qualifications required to give financial advice on Long Term Care financial planning in Sutton Coldfield and across the region. To make an appointment contact our Client Liaison Team on 0121 323 2070 or firstname.lastname@example.org.
*Source Age UK. 9th December 2019.