Meeting the cost of care is a growing issue for many people in the UK. As life expectancy continues to lengthen more of us can expect to require some form of long term care.
Whatever your circumstances the costs involved can be daunting to say the least. The 'single' average cost of residential care in the UK is currently estimated at £29,250 a year. If nursing care is also required, this can rise to £39,300 a year*. While the state can help with some costs, eligibility for help is limited and many people find themselves over the threshold which state support is provided, currently £23,250 in England (with national variations).
The whole subject of state funding has been receiving increased political and media attention following the recommendations to the Government by the Dilnot Commission, and more recently the Care and Support Act. The object of the Commission was to ascertain an affordable and sustainable funding system of care and support for all adults in England. However, whilst this recommendation goes some way towards helping the most needy to fund their care for many people despite the headlines an introduction of caps for the vast majority of people, a significant proportion of their care costs will still need to be afforded with limited local authority assistance. Unfortunately it remains the case that the issue surrounding the care and the funding of care costs can be detailed, complex and will often vary depending on your personal requirements and location. For more information to help you make the right decision for your care, please get in touch.
* Laing and Buisson Report 2014/15