10 Mar Breaking the final barrier, part 3
In parts one and two of this series we looked at the problem for many successful working and business women, of managing a caring and efficient home and giving aging parents the best possible care. Here we provide viable working solutions.
There are several means by which this can be achieved. As Mrs Diana Graham, Principal of The Graham Agency explains: “Firstly, of course, you may be able to fund the cost out of your own resources, from savings, income, pensions or a life insurance payment following the death of a partner, for example.”
“Then there are options available from specialised insurance companies who can offer either a care provision plan for a one-off payment which will give you monthly income, or there is the option of taking out what is effectively a loan with them against the value of your home, while you continue to live in it.”
“Either way, the dream of being able to stay in your own home while having the security of live-in support can become a reality.”
Knowing the relative costs of residential care in London and the Home Counties, how do the costs of employing suitable live-in care staff compare?
“Against the substantial costs of residential care, we can provide a skilled carer with experience of meeting the needs of the elderly at an average cost of £670 per week, an annual cost of £34,840. That is a difference of £43,160, compared with an approximate annual residential care cost of £78,000.”
“These cost differences are huge and residential care eats into estates at an alarming rate, even for those with a sizable estate on which to rely.”
“But for those involved it is the emotional aspect of retained independence and the comfort and psychological security of remaining in one’s own home that is beyond price. It also vitally offers career women, often approaching the peak of their career, an option which meets the understandable needs of their conscience, knowing they are doing the very best for their parents while enabling them to retain their own career aspirations. It’s a win/win situation for all those involved.”
We hope this has been informative and helped in resolving your own personal care issues and we look forward to welcoming you at The Graham Agency.