In part one of Breaking the Final Barrier we discussed the essential problem for many women, that of combining success in business with providing the best possible level of care for aging parents. Here we continue with addressing how the problem of financing that care can be addressed.
But what about those whose finances and assets take them out of the assistance criteria? How do the growing number of middle class elderly ensure the level of comfort and security they need while minimising the costs? For many the answer could lie in employing a live-in carer.
So how do the costs stack up? In London and the Home Counties, the cost of residential care can be up to £1,500 per week, an annual cost of £78,000.
Of course, these costs will continue and probably rise with each year you stay in residence. If you are below the local authority threshold for assistance, then the cost or a percentage of it will be reclaimed from your estate, sometimes meaning selling your home or the local authority taking a charge on it and recovering the cost after your death. There are, of course, residual savings levels which are protected, but they are often just a fraction of what the estate was worth at the outset, after perhaps 10 – 15 years of care home costs.
So how can you fund the ‘stay in your home with live in care’ option?