Some Answers To Care In Later Life, Including Costs

We all know that health care in the UK is rarely free and is often taken for granted. What many do not realise until later in life, is that if you are in need of social care because you are elderly, physically or mentally frail, more often than not, this care is not free. And the cost continues to soar.

According to leading health care researchers LaingBuisson, the cost of a nursing home in the South East of England, where costs are the highest, has now reached a staggering ￡50,000 plus a year.

Local authority help is strictly means-tested and people only qualify if your home, savings and investments are together worth less than ￡23,250.

If you have more than that, and certainly most middle income people will, then the total cost of the care is payable and, if necessary, from your estate after you have died.

It’s easy to see how this rapidly dimishes the value of an estate until, quite possibly, the coffers are literally bare and there is nothing to leave as an inheritance for your family. Often the house in which a person has lived for many years, has to be sold to finance the care. It is a sobering thought.

So is there a better use of money? Is there a way to have the care you, or your parents or parents need while keeping their home?

There is indeed and here at The Graham Agency we have some 30 years’ experience of finding the right domestic/caring staff, personally matching candidates to clients to ensure harmonious relationships while your parent or relative stays in their own own home.

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 around ￡900 per week, an annual cost of ￡46,800.

Carers can be full-time live-in, or daily visit, whatever is the best arrangement.

In terms of financing this, there are several options: parents maybe able to fund the cost out of their own resources, from either savings, income, pensions or life insurance payment.”

Then there are options available from specialised insurance companies which can offer either a care provision plan for a one-off payment providing a monthly income. Parents can also take out what is effectively a loan against the value of their home, while they continue to live in it.

Either way, your parents’ dream of being able to stay in their own home while having the security of live-in support can become a reality.

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.

Talk to us at The Graham Agency.