The average cost of staying in a residential care home in the UK is around £41,600 a year. This rises to £56,056 if nursing care is also required. With an average stay of about 3 years, the costs soon become substantial.*
If your personal assets equate to £23,250 or more, and you're a resident in England or Northern Ireland, you are now required to pay for any long term care you receive.
The average cost of staying in a residential care home in the UK is around £41,600 a year. This rises to £56,056 if nursing care is also required. With an average stay of about 3 years, the costs soon become substantial.*
Aside from the financial cost, arranging care for yourself or a loved one can also be complicated and stressful. There may be an emotional cost too.
You may have to deal with issues such as:
- Mental capacity
- Eligibility for state benefits
- Lasting or Enduring Powers of Attorney**
- Type and location of the care home
- How to fund the care itself
Yet, generally people who fail to meet the qualification requirements for financial support, don’t seek appropriate regulated financial advice before entering care.
If you need care and have to fund the fees yourself, there are many things that you will need to consider. Paying for care can be an expensive and long term commitment.
Not only is it important that you receive care in a home of your choice, but you’ll also need to consider whether the cost of that care is affordable for as long as you might need it.
You may also need to protect your wealth so that it can benefit your loved ones should you die.
Long term care planning can be complex. There are pros and cons to many of the solutions available. So, it’s essential you seek financial advice from a specialist adviser.
Talk to us today and we can you refer you to a SOLLA-accredited practice through St. James's Place .
The value of an investment with St. James's Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.
* Source: Laing and Buisson Report 2023.
** Powers of Attorney involve the referral to a service which is separate and distinct to those offered by St. James's Place and are not regulated by the Financial Conduct Authority.
