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A J Smith & Company Ltd.
Long Term Care
As we are all living longer, we face the increasing worry of who
is going to care for us, as we get older. Strains on the Welfare
State mean that it is unlikely to be able to provide for us in our
later years, as we might like.
Will you really need long-term care?
You may think the chances of you needing long-term care in
the future are low. If so, the figures below may come as a
surprise.
- 1 in 5 men and 1 in 3 women aged 60 will need full nursing care
before they die.
Source: OPCS, Disability Study of Great Britain & English Life.
- 75% of people over 80 suffer from some form of disability.
Source: OPCS, Monitor 1993
- 1 in 4 people over the age of 85 will need to go into a home.
Source: Age Concern 1997
It really could be you!
Of course, there is a chance that you will not need any care ,
as you get older. But can you take that risk?
Can you rely on the State for help?
The state cannot continue to support the growing numbers of
elderly people needing care.
Local Authorities now use a stringent means test to work out
how much benefit you are entitled to. Your income and assets -
yes, even your home - will be taken into account. If your assets
total £16000 or more, the local authority will not provide any
financial help in meeting long-term care costs. You must pay
the full cost yourself.
40,000 homes are sold every year to pay for care...
Source: Chris Hamnett
... That's one home every 15 minutes.
The State will only pay the full cost of care when your assets
have fallen to just £10,000.
Could you afford to pay for care yourself?
You may be thinking of funding long -term care yourself –
beware! As you'll see below, the cost of care can be very
expensive.
These costs could soon eat into the savings you have built up
during your lifetime, and which you probably want to pass on
to your children or other relatives.
| Costs of residential or nursing home care |
Cost per week (£) |
Cost per year (£) |
| Nursing home |
UK average 333 |
17,319 |
| London 438 |
22,776 |
| Residential home |
UK average 239 |
12,428 |
| London 313 |
16,276 |
Source: Laing & Busson 1997
Contact us today to discuss how forward planning can ensure
that quality care of your choice is available to you, without
having to sacrifice your home or any other assets you have
worked hard to secure.
89 Buxton Road, Heaviley, Stockport, SK2 6LR. Telephone 0161 477 8181.
Regulated by the Financial Services Authority
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