Care is important. It’s something everyone with family and friends are concerned about. Some may need it themselves, others may need care for their loved ones.
With a recent government report stating that 69% of people will spend an average of three years in long-term care (1), it’s a topic that, whilst it can be difficult or saddening to discuss, requires appropriate planning and preparation.
The Cost of Care
The average cost of high-quality care in the UK is £56,000 per annum (2) and under current legislation, you’d be expected to pay for your care fees if your assets exceed £23,250 (depending upon assessment by local authorities) so it is safe to assume most people would fall within the bracket of needing to pay themselves.
Health Related vs Non-Health Related Care
Often, a barrier for those planning around care is that we think about the end game with nursing care. However, there are arguably some steps which come in place before that.
One is simply non-health related care at home, that could be getting assistance for day-to-day activities and chores such as housework. Often people find themselves with aches and pains after completing chores like cleaning gutters or painting a room when they can afford to pay someone else to do it - especially if they don’t enjoy it or could worsen existing health issues.
The second is health related care at home, whether that’s paying for physiotherapy or even the use of private healthcare, where this is called for. More traditional care planning can be utilised, such as downsizing your house for mobility reasons, as well as exploring the ever-growing retirement village communities that are appearing in the UK. These could all be utilised before deciding to take up care at home, residential care and nursing care.
Lack of Family Discussion
We often find that there is a lack of discussion between families around their preference of care. Some have had the difficult experience of having to care for their own parents and navigate without prior knowledge of their parents preferences.
Many people prefer care at home as opposed to going into a home. Some see it as a tradition for children to look after their parents when care is required, whilst others prefer the benefits of professional care.
So if you take two questions away from reading this to discuss with your family and financial adviser, let it be these two:
“What does my care plan look like?”
“Do my children know what it looks like?”
What is essential with a topic such as this, is that it's not just about the financial aspect. It’s crucial to have open conversations with your loved ones, clearly outlining your wishes and needs for the future.
(1) “How much care will you need?” – longtermcare.gov
(2) Age UK- paying for a care home