What is long term care?
Long-term care is a range of services and support that you may require to meet your personal care needs. Most long-term care is not medical care, but rather assistance with the basic personal tasks of everyday life, sometimes called Activities of Daily Living , such as:
The provision of care can be provided either at home/main residence or within an establishment such as a registered care home. This could include warden assisted accommodation.
We have to face the fact, that as a nation we are living longer due to medical improvements and better nutrition. Therefore, the potential cost of care in later life is becoming a much wider financial consideration.
The number of people reaching the age of 100 by 2037 is estimated to be 111,000*. By comparison, in 1917 when the first Royal Telegrams were issued, there were only 24** centenarians.
The reality is, as we age and the longer we live on in our old age, the greater need for long term care. Therefore, with the right planning for this eventuality, we can help make this ordeal easier for you and help put your mind to rest.
How much does home care cost?
The actual costs are dependent on your circumstances. Factors such as the type and level of care you require, location and style of care home, the size of your room and the level of service required will make a difference to the costs.
Local Authority or private funding?
It is essential to establish if you are eligible for a contribution towards the cost of long term care from your local authority or NHS trust.
The amount provided by the state depends upon your income, the value of your assets and savings and where you live in England, Scotland or Wales.
Your local authority will carry out a “means test” to calculate how much you should contribute towards your care. Income such as pensions, benefits and earnings along with your capital, which includes savings, investments, land, property and business assets will be taken into account.
Please use the Long Term Care Calculator opposite, to give an estimation of the average cost of care based on your geographical location and the type of care you require.
How we can help you:
We will be understand, identify and agree on:
We will provide:
If you would like to discuss any of the information provided in more detail, please contact your MPL adviser.
*Office of National Statistics National Population Projections, 2012-based Statistical Bulletin