As the population ages, the need to plan for the cost of care becomes ever more important. Whether you will receive care in the home or in a residential care home, from family or professional carers, there are various options to consider.
You may be eligible for assistance from your local authority. The amount you can receive varies depending on where you live and will be assessed on a number of factors including the value of your assets, how much you can afford to pay for yourself as well as your ability to perform certain day to day activities such as eating, bathing and dressing.
If you are funding part or all of the cost of care for yourself, assets can quickly be eroded. Therefore, considering your approach to make provisions to fund this potential need cannot begin too early.
Some popular methods used to meeting the cost of care include the use of your capital to produce a flow of income, or the purchase of a specialist annuity product to provide a guaranteed level of income. Whether the need for care is immediate or you are planning ahead, at Holden & Partners we are able to discuss appropriate solutions for you or also for someone you may be providing care for.