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Elderly & Vulnerable Care

It is very important to plan for any care you or a loved may need in the future.

Why plan for elderly & vulnerable care?

How care fees are paid is decided using a number of financial thresholds which, given the rising nature of the housing market, can mean homeowners may have to pay for their own care. This could then mean there is little inheritance left for loved ones after you pass away.

What does care for the elderly and vulnerable cost?

The average cost of care could be £1,500 or more per week.

Your local authority will undertake a Care Needs Assessment to find out if the person who is in need of care is entitled to state funding. Depending on the outcome of this assessment, the local authority or the NHS may pay some or all of the care fees. In other instances, the funding must come from the assets of the individual.

What are the current financial thresholds for care funding?

Currently, the thresholds for care funding are as follows:

  • If your assets are over £23,250 then it is likely that you will have to pay for your care fees in full
  • If your assets are between £14,250 and £23,250 then you will have to make a contribution towards your care fees
  • If your assets are below £14,250 then you will not pay for your care. However, your eligible income may be taken into account in the assessment

How does owning a property impact care funding?

If you own property, this may be included in the financial assessment but not if a spouse or relative still lives in that property and also not if you are organising care at home rather than going into a care home permanently.

Your property will be exempt from the assessment if any of the following are still living in the property after you have moved into care:

  • A spouse or civil partner
  • A dependent child
  • A relative who is over 60 years of age
  • A relative who lives with a disability or who is incapacitated

If you own property and want to safeguard it for the Beneficiaries in your Will, it can be beneficial to use a Trust Will.

To discuss your options and requirements regarding elderly and vulnerable care, we invite you to call us now on 0300 303 3629 or alternatively you can send us an enquiry using our contact form.

To get in touch with the Specters team, submit an enquiry below or call us on 0300 303 3629.

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