Care Fees Planning

Planning ahead for your future care 

The possibility of needing long-term care later in life is often overlooked when planning for retirement. Yet the financial impact of funding later-life care can be devastating if there's no plan in place to pay for it.

Based on 2022 figures, residential care will cost over £2,800 per month, on average (or even more for nursing and / or specialist care). And if you have assets worth more than £23,250 (which includes your home, savings or investments) it’s unlikely you’ll receive any Local Authority funding to help shoulder the cost. 

On a more positive note, this ‘Upper Capital Limit’ will increase to £100,000 from October 2023, when the government will also introduce an £86,000 cap on the amount anyone in England will need to spend on their personal care over their lifetime. 

But the fact remains that long-term care is expensive.

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Planning for care home fees

There are a number of options available to you when it comes to funding care costs:

— You could use your pension, savings and investments – or income generated by other assets, such as rental properties. 

— You could buy an insurance policy, designed specifically to pay a regular income for the remainder of your lifetime (either to you, or direct to the care home). These policies are also known as an ‘immediate needs annuity’ or ‘deferred annuity’.

— You could consider an investment strategy that keeps your money invested, but pays out a regular income that covers your care costs.

The best option for you will depend on your circumstances, so it’s wise to get advice from an expert. 

The Society of Later Life Advisers (SOLLA) is a not-for-profit organisation that accredits financial advisers who adhere to their code of conduct in providing care fees and long-term care fee planning advice. Amber River has a number of SOLLA accredited advisers who can help you make the right choices when it comes to care-fees planning.

Speak to a care fees planning adviser today – call 0800 915 0000.

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