Elderly Care
Dealing with elderly care needs can be complex and confusing at a sometimes vulnerable time of life for those needing the care. Many of us are also left unaware of what we are likely to have to pay for, and when we will be eligible for Local Authority (LA) funding.
Elderly care options
When you come to needing care you will be assessed on your care needs and financial means by your LA. Before you are assessed you should check that you are receiving all benefits that you may be eligible for, as you will be assessed as if you were already receiving these.
- If you have assets valued at £22,000-£23,250 (depending on where you live in the UK) you will not be eligible for LA funding. If you assets are worth less than this, how much financial support you get will depend on exactly how much you own in terms of assets.
- Even if you eligible for LA funding you may want to top up your care allowance yourself in order to have more choice over where you receive care from and the standard of that care.
- If you are an self-funder for elderly care there may be a number of financial options available to you, such as long term care insurance, or investing for long term care to help you pay for your care needs. Which works best for you will depend on your own individual circumstances.
- To be eligible for any long term care insurance you will need to qualify as requiring care immediately. For most insurance product providers this means that you must have difficultly and require help with at least 2-3 activities of daily living, such as eating, dressing or bathing. However you still have the choice of whether you receive care in your own home, or move into a care home.
The elderly care and funding that you receive will depend on you care requirements. For tailored advice on options in paying for elderly care speak a member of an independent long term care planning advice team. Get a free no obligation consultation.
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