Financing for elderly care

The cost of getting older is one of the greatest concerns that comes with ageing. It can be a worrying factor for many people, especially if you don’t have any capital or savings and are living on benefits. One possibility for planning for the future cost of care homes is to purchase an annuity, which is the payment of a lump sum to an insurance company who will then agree to pay set fees for the remainder of your life. This will secure and ensure you receive the care that you need.

Many care homes provide independent living care which means you can continue your independent lifestyle while living in an environment where you will receive care if you require it. Things such as a weakened memory and legs not as steady as they used to can cause unforseen situations when it is good to have people around you. Care homes can be the answer to a safe life whilst being able to take care of yourself. Care homes will provide nursing care when there is a need, although if you require full time and permanent nursing care you will usually have to stay in a nursing home.

Financing for elderly care is a complicated business and many people are not sure who pays fees and whether any support from the government is available. If the value of the assets you own and the level of your income is below a certain level, then the local authority will fund the cost of your care home. If you have income and assets above this limit, you will be expected to pay towards the cost yourself. If you are living in a care home you will receive some sort of benefit such as Attendance Allowance, which will also be used to fund care homes, but you will be allowed to retain a set amount for yourself.

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