Long Term Care

The best time to think about long term care is years before you or your loved ones need it. Planning ahead brings valuable peace of mind.

Many of us will one day need long term care, but not so many of us are aware of the full implications. For those living in England or Northern Ireland with personal assets of more than £23,250, the costs of long term care will fall on your shoulders.

There are many factors to take into account when arranging care for yourself or a loved one. From considering mental capacity and eligibility for state benefits to dealing with Lasting or Enduring Powers of Attorney*. You also need to keep in mind the type and location of the care home and funding the care itself. This can all be extremely stressful and take an emotional toll.

The ‘single’ average cost of a residential care home in the UK is around £34,944 a year, increasing to more than £48,812 if you need nursing care. With the average stay at about three years, costs can be huge.1

You will have plenty to consider if you need care and have to fund the fees yourself. You will want to be in a home you like and you will need to be able to pay the fees for as long you need to. Protecting your wealth and passing on an inheritance may also be a consideration.

Paying for care can be a huge financial burden that may last for several years. Different funding solutions have different pros and cons, so the earlier you seek advice from a specialist, the more likely you’ll be to find a solution that meets your individual needs.

Whatever your situation, we’ll help you understand the options and guide you through the process of putting suitable measures in place. Whether you want to save for care home fees that might be needed in the future, or you’re likely to need to pay for care soon, we’ll talk you through the possibilities and help you decide on the next steps to take.

* Powers of Attorney involve the referral to a service which is separate and distinct to those offered by St. James’s Place and are not regulated by the Financial Conduct Authority.

1 Laing and Buisson Care Homes for Older People, 32nd edition, 2022