The prospect of requiring care in our old age is a possibility to all of us, whether the care is in a care home or in your own home.
The issue of funding that care is a major concern. Many care homes are closing down due to lack of funding and Local Authorities have limited capital to care for the elderly.
If you are not eligible for Local Authority assistance, the financial responsibility will be yours or even your family members. If you need to move to a care home, the Local Authority is required to offer a Deferred Payment Scheme. If this is applied, you would not have to sell your home immediately but at a later date and you would have to repay them the money it has paid out for care fees, plus interest. There are measures that you can put in place to alleviate the pressure of funding your care such as an Immediate Care Annuity package. If you would like to know more about the options available, please contact us for advice on 01905 721600.