Meeting the cost of residential and nursing care in old age 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.
While the State can help with some costs, eligibility for help is limited and many people find the value of their income and/or assets take them over the threshold for that State support – so it is important to understand the range of financial options available to you.
Areas to consider when navigating through the complexities of long term care:
– How the care system work
– Different types of care
– Funding options available to help meet the cost of care
– How existing investments and assets are considered
– State benefits and entitlements
– Important legal arrangements such as lasting power of attorney