Residential care in Caterham and the surrounding area, for those required to self-fund, can easily exceed £1,000 per week (source: LaingBuisson surveys of care homes 2018-19). For those looking for the very highest quality of care home, or seeking care in their own home, costs can be greater still. We have helped those with fees approaching £2,000 per week.
Funding for care does not need to be a worry, and Wingate Financial Planning is often asked to provide advice on this emotive area, most commonly at the point of need. Often, we are advising children who are acting on behalf of their parents.
We have two fully accredited members of The Society of Later Life Advisers (SOLLA), Peter Magliocco and Matthew Bond. SOLLA is a not for profit organisation dedicated to higher standards and accessibility to regulated financial advice for older people and their families.
There are three main ways that individuals can self-fund for residential care, where life expectancy is very short, selling the family home (if appropriate) and retaining funds in cash may be the preferred option. For those with longer life expectancies an investment might meet their needs, but in the current low-growth environment and given the costs above it is difficult to generate the required investment return without eating into capital. This means we are increasingly seeing a demand for insurance products, which despite requiring a capital commitment, gives security of an income, usually tax-free for the remainder of the individual receiving care’s lifetime.
If you are affected personally, or on behalf of another, please get in touch with Wingate Financial Planning, we are based in Caterham and would bear the cost of an initial conversation.