protecting your home and savings from care fees

planning for care… is that even a thing?

Our population is undeniably aging. More and more people are reaching their 80’s and even 90’s, but as you can imagine not everyone reaches later life in great health. Elderly adults face mobility issues, physical and mental health diseases which means they will require care support.

Because an increasing amount of people are going into care, it’s important that you know and understand what this means for you and your family financially.

On average care fees in the UK range from £27,000 to £55,000 depending on the support required.

Before you think that the government will help fund yours or your loved one’s care, think again. If you own over £50,000 in Wales (including your home) you will need to fund your own care. This means after a lifetime of hard work your savings could be gone within just a couple of years of being in care

The point of our blog isn’t to scare you, it’s to get you thinking. If you, like many others, think care fees are extortionate and unfair - considering that those who choose to spend instead of save have access to government funding (those with under 50k) - then we’re here to tell you there is something you can do about it.

There are ways you can protect your money so that it stays in your pocket or passed on to your family rightly so. It’s all about planning ahead.

Sandra’s story

“In just two months, nearly all of Mum’s savings had been spent on her care.”

When Sandra’s Mum had her application for NHS Continuing Healthcare rejected, she had no other choice but to use savings to fund her care.

“My mum, Jean, went into hospital after a fall at home in January this year. It became clear to me that Mum needed a higher level of care, and she wouldn’t be able to go home. Mum was discharged to a nursing home, recommended by social services on 5 March. It costs £1,200 a week. Her care is being paid for through her pension and savings.”

Nobody should have to go through what Sandra and Jean are going through, forking out thousands of pounds each month, worrying about whether they can afford the support Jean needs. Especially not when there are simple, legal ways to safeguard your wealth and family’s future!

the sooner you act the better

Please don’t ignore the possibility of you or someone in your family requiring care later on in life, put plans in place now to protect your money and obtain the support your family deserves.

To book a no-obligation appointment about planning for care, please give us a call 01633 987070.