long term care planning services
Helping you prepare for the cost of care. In the UK average lifespans continue to grow longer and longer and the prospect of one day having to receive care, either at home or in a residential environment, is something that most people will have to consider. While some individuals may receive an element of care from their local authority, due to the means-tested nature of the industry many will find themselves faced with the cost of having to pay out of their own savings for care. In order to meet these costs in the future many people are starting to plan early, but what is the best way to save? And how much will you need to put away?
cost of residential care
For some moving out of their home and into new accommodation where they can have all their needs met by a dedicated team makes the most sense. According to the latest industry figures the average price of residential care is approximately:
£28,500 per annum for a residential care home, or
£37,500 per annum if additional nursing is required
in home care costs
For others they may decide that receiving care in their own home is more suitable for them. On average this service can cost:
£11,000 per annum if you receive 14 hours of care a week from a carer, or
£30,000 per annum for receiving full-daytime care, or
Up to £65,000 per annum for night and day care in your home.
In order to help you with determining the future costs of care the BBC have put together a useful calculator to help you estimate how much funding you will require, please click here to see how much you need to save.
However, while this may be a useful guide, discussing your care plan with an Independent Financial Advisor (IFA) may give you the peace of mind you require. At Willow Financial Planning we can help you prepare for the future. Our team of highly-qualified IFAs can sit down with you and discuss your requirements and help you develop saving and investment plans that meet your future care needs.
If you would like to know more about our service, please contact us.
453 Southchurch Road,
Southend-on-Sea, Essex, SS1 2PH
Fax: 01702 442 180
Unit 28, Barleylands,
Barleylands Road, Billericay, Essex, CM11 2UD