Who needs care?

Older people need most long-term care although for younger people, those who have had a serious accident, illness or disability may also need care. The need for care increases as we get older. By age 65, one in five men and one in three women will need long term care at some time during their life. As people are generally living longer, we can expect the need for care to increase too. Currently, around half a million people live in care homes, while many more get care at home, either from family or friends or professionally. In recent years, the trend has been for more people to have care in their own home.

How much does care cost?

The answer depends on what sort of care is needed and for how long each day. If domiciliary care at home is needed ? to prepare meals, and keep the home clean and the garden maintained for example, care can cost from a few pounds an hour for perhaps just a few hours every week. Nursing care at home is more expensive and it can make sense to shop around to get the best care at the best rates.

Can the Government Help?

Local authorities and other organisations can offer free or subsidised care services if you need care at home. Your local authority will also carry out an assessment of your care needs. Generally though, care at home is not free unless you have little capital or income.

For older people, the NHS will pay for care while you are in hospital and for GP services and for other costs such as prescriptions and eye tests.

If you have little income and assets below £21,000 (2006/07) your local authority may pay some or all of the fees. Even so, at best this will be up to a pre-set weekly limit only, so you or your family may be asked to top-up the cost if your care home charges more.

It is sometimes suggested that to get more help from the government, you should simply give away money or assets. 'Deprivation of assets' rules are designed to stop that, although in some cases it can make sense to pass over assets to beneficiaries before the need for care ever arises.

Can insurance help?

In some cases, insurance can help. You can take out an insurance policy that will pay towards care fees should the need arise in future. You can pay for this monthly or with a lump sum. If you already need care, special policies exist that will pay a guaranteed sum each month for as long as you need care. The big advantage of this route is that it can help to crystallise the cost of care. Planning for long-term care is not easy, but we can help whether the need is to help with fees payable now or just to be ready in case a need for care arises in the future.

For more information on long-term care please complete the following client enquiry form and one of our advisers will call you back to arrange an appointment. Alternatively you may telephone us on 08454 50 50 60 or email us at info@mcp-financial.co.uk