Paying for social care fees can be one of the most expensive commitments a family ever has to make. A week in a typical residential care home In England is currently estimated to be around £730, but if nursing care is also required that figure rises to £1,038*. Those are national figures, costs in Kent and Southeast are likely to be higher.

Over time, care fees can add up to a very significant amount. There are choices when it comes to paying for care fees and it’s almost certainly best to be aware of those options as early as possible.

Care fee planning often also reaches into and impacts other areas of the larger financial picture. That’s why selecting a Financial Planner who can take more of a holistic approach to your or your loved one’s finances can be of great benefit.

Below is a list of topics that we would discuss with you to create a bespoke financial plan.

• An overview of the care system.
• Care and financial assessments.
• Assets, income, and pensions that are taken into account.
• Considerations regarding any family home or property.
• The benefits applicable and what you can potentially claim.
• The definition and significance of ‘mental capacity’.
• Your responsibilities and duties if you have Power of Attorney.
• The Court of Protection and appointed Deputies.
• Residential versus domiciliary care options.
• Continuing Healthcare, funded by the NHS.
• The various options for to paying care fees.
• Any inheritance tax considerations.
• Choosing the right Care Home

Planning for Long Term care either for yourself or a loved one can be an emotional time for those involved. Dave Hurring is qualified and experienced in Long Term Care Planning; he has helped numerous families over the years to get the best outcomes for those needing care for their loved ones.

Source: Laing Buisson – Care Homes for Older People, UK market report 2022