Care funding calculator Long Term Care Paying For Care

Paying for Care

Paying for Care ~ How Long Will My Money Last?

To get an approximate idea of how long your money will last take a look at the total assets that you hold. Deduct the current local authority funding limit of £23,250 and then use our calculator to discover the likely total cost of care.

Call us on 0800 078 7430 or enquire here for further guidance

There are numerous options available when paying for care but they essentially boil down to two alternatives.

1. Insuring the Care

2. Investing for Care

1. Paying for Care ~ Insuring the Care

If you decide to insure the care you will probably use a product such as an immediate care plan or a deferred care plan. Essentially these products pay a guaranteed level of income for life in return for a lump sum. They offer the advantage of bringing some certainty to an uncertain situation. The income will be available for your lifetime, no matter how long you live. The money that remains after you have bought the plan will probably be available to leave as an inheritance to your family.

However, in most cases there is no return to your estate; if you die in the early years, your estate will usually be disadvantaged.

We always recommend seeing figures for the cost of an immediate care plan before deciding on how to fund care. We would be pleased to arrange an estimate of what a care plan might cost.

2. Paying for Care ~ Investing for Care

This could be investing on deposit with banks and building societies or using other investments suitable for funding long term care. These have the advantage that you keep control of your money. However, there is no guarantee that investments could meet your care costs for life. In some cases, you may find that you run out of money and need to move to a lower cost care home.

What Next?

Before you decide what to do, please call us on 0800 078 7430 or complete our enquiry form.

We trust that you will find carefeesadvice.com useful and informative. We have made every effort to ensure that the information contained is clear, up to date and accurate. However, nothing on this site should be relied upon when making care or financial decisions, nor should anything on this site be regarded as financial advice. Our care fees planning service can provide you with specific help and specialist, care based, independent financial advice. By proceeding through this site you accept that carefeesadvice.com, the Care Fees Advice Agency and Financial Care Consultants Limited cannot be held responsible for any actions you take as a result of the information held on carefeesadvice.com. All information given relates to England. Whilst most of the principles remain the same, some benefits and benefit levels are different in Scotland, Wales and Northern Ireland. We are happy to provide details for these regions on request.

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