Your Future – Protected

  • One in three women and one in four men aged 65 will need some form of care during their lifetime (Source: Swiss Re).

  • Home Care currently costs between £8 and £15 per hour.

  • Standard ‘rise and retire’ package of four hours care per day typically puts the annual cost of being looked after in your home at around £16,000 per annum.

  • Average annual cost for a care home without nursing care currently stands at £17,992.

  • If nursing care is needed, that cost rises to over £21,000.

  • Anyone with Capital of more than £23,000 has to meet the full cost of their own residential care – and in some instances this will include the value of your property.

  • Nursing Care is paid for by the State, if you live in a care home that provides nursing care, the NHS would normally contribute £108.70 per week towards the fees to cover the cost of the nursing element.

  • For anyone with assets between £14,250 and £23,250 a degree of financial assistance may be available, but contributions from both your capital and income will be needed.

  • If your assets are under £14,250, contributions from capital are no longer required.

  • Long Term Care Insurance is the most sensible and cost effective way to fund your long term care needs.

Taking the strain out of funding

  • Three ways to fund the cost of care: Income, Capital, Immediate needs long term care insurance plan.

  • Given high level of fees, most people do not have sufficient income to pay all their fees purely from income. Using your capital could lead to significant erosion.

  • Long Term Care Insurance Plan – make a single payment that guarantees income for as long as it is needed.