It is difficult to enter into the debate about long
term care without sounding like we are working from
a political platform. The debate is hotly contested
between the political parties.
As things currently stand your local authority is responsible
for arranging most care services in your area. As you
may know, this is a means tested provision and your
income and assets will normally be taken into account.
These will include all of your pensions including the
state pension, private pension, personal savings, shares
and any other investments, even your home can be taken
into account. If you thinking of giving any assets too
your children do be careful and seek advice first.
The local authority will only provide help towards
the costs of residential nursing care if your income
or assets fall below a certain level set by the Government,
currently £21,500.00.
The current legislation is under review at the moment
and there is a great deal of debate. However, it is
currently complex and whilst a number of schemes operate
in the realms of wealth preservation it is important
that you take independent legal advice when entering
into such plans.
Care Costs
Of course some people can afford to pay their own care
costs. However, with fees amounting to £30,000.00
and more per year for some full time nursing care it
is not only prohibitive for some but certainly a drain
on resources, even for those with substantial savings.
People are now looking to long term care plans to help
them meet the cost of care.
These plans vary from regular premium pure insurance
type products to one off single premium products which
combine inheritance tax planning and protection of capital.
The choice of which type of product is most suitable
depends on an individual's own circumstances and professional
independent financial advice should be sought.
Your home is certainly one of your major assets, as
well as the place where you live and in many cases have
grown up with your family. If you are intending to pass
your home on to members of your family then long term
care is certainly a topic you will have to consider.
Who Would Look After You?
Being looked after by relatives can place a tremendous
emotional strain on the people you love. Even those
who are willing to help parents or elderly relatives
through this period need some kind of financial support
or relief. Long term care does not necessarily mean
moving into a home, but can mean providing additional
nursing care to supplement that provided by your family.
|
