We are part of an increasingly ageing population. Statistics show that one in three women and one in four men will end up requiring care in our later years, and with the average annual care home fee with nursing care in London at £42,016 and in the Home Counties at £40,924* it is understandable why Long-Term Care Planning is one of the greatest causes for concern in the UK.
Hopefully, you will never find yourself in need of arranging care for yourself in your own home or in a nursing home, but if you are considering the prospect of long term care for yourself or a loved one, there will be several factors to consider.
Financial Advice When Considering Long-Term Care Arrangements
At Moor Investment Services, we offer specialist advice, understanding clearly your financial needs in later life. We can provide you with reassurance and advice to help you make the right decisions at the right time. We will assist you in understanding the long-term care system in the UK and provide suitable help and guidance recommending the solutions that are right for your particular circumstances.
Financial Planning For Long-Term Care
How and where you receive the care that is best for you will depend on the type of help and how much of it, you need. There are a number of different options available to you ranging from care in your own home, care in sheltered housing and care villages, to residential care homes with nursing care, and without nursing.
When it comes to Long-term Care, there is a lot of confusion, not to mention the emotional implications. You may also have to face some very difficult practical decisions, not least of which is whether or not you will need to pay for care and if so, how to fund it. Many people still do not realise that care is no longer provided free of charge, but whether you receive specialist care in your own home or in a residential care home, it has to be paid for.
Individual Care In England
When an individual requires care in England, they fall into one of three categories and are treated accordingly:
- Those needing care and currently have assets of over £23,250 - will have to pay for their own care, whether it is at home or in a residential or nursing home.
- People needing care who have assets between £14,250 and £23,250 will undergo an assessment of needs by their local authority. Care fees will normally be paid by the local authority, but in turn, the local authority will take any state pension payments the individual would normally receive to help to pay for the costs. The individual is then left with an allowance (currently £22.60 per week). For every £250 worth of savings over the lower limit of £14,250 this allowance is reduced by £1 per week.
- Those with assets below £14,250 will be assessed by their local authority. They will usually have the cost met in full but in turn, any state pension payments will be taken leaving the individual with an allowance (currently £22.60 per week).
Tailored Long-Term Care Planning
Everyones financial circumstances are different. You may be confident that you can afford to pay for your care outright, but that does not mean you would not want to consider some of the funding options available.
Moor Investment Services offers long-term care planning and advice. We provide only suitable advice for you and your circumstances in this way:
- We work with you to understand your long-term care planning needs, ensuring that you are in the strongest possible position to make the right decisions now and in the future
- We help you to understand the care fees and funding options clearly and in a manner you can understand
- We can help reduce the stress, anxiety and confusion you may be experiencing, giving you the right information to make balanced decisions
- We will guide you through the legalities and financial options so you can be sure that you make the right decisions for the right reasons for you and your family
*Laing & Buisson, Care of Elderly People Report 2010
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What Our Clients Say
Richard has always taken the time and trouble to listen to my specific investment needs and I have been extremely grateful that he is, unlike most IFA's, not sales motivated.
Cooden, East Sussex
I have known Richard and Jane Moor for over 20years and would highly recommend them for all your financial needs. Two very discreet and trustworthy people. You will never be disappointed.
Richard and Jane were introduced to ourselves by our accountant to assist with pension planning. Their approach from the onset has been personal, yet totally professional throughout and we are delighted with the ongoing financial service they provide, leaving us confident to enjoy our retirement.
D.P. & M.S.
Richard at Moor Investment Services has been our financial adviser for a number of years. He has provided input on pension planning and given us investment advice. He has recommended thoroughly researched solutions which have proved invaluable.
D.G. & H.A.
Although our investment with Moor Investment Services Ltd is a small one, for us it has been a comfort to have a personal review each year with Richard. As we have no knowledge of the financial world, investing in this way means we do not have to worry about it.
Mr & Mrs. G.
Whatever your financial circumstances you can be assured of excellent, well researched advice from Richard and Jane. They are both highly experienced and knowledgeable but can explain things in 'layman's terms' if necessary and they are always friendly and personable.
Now that my husband is in a nursing home, your help with the financial side has been extremely welcome. I might add that the money that has funded his care is as a direct result of how our money was invested in the past from your excellent advice and skill.
Tunbridge Wells, Kent
Over a number of years Richard Moor has been my pension advisor. During this period he has provided me with accurate and independent advice, which has been very beneficial to my pension fund.
Mr. S.P. Cronan
Abaco Creative Consultancy
Moor Investment Services Ltd provided me with an extremely professional service, making the necessary effort to understand my personal and financial circumstances and combine this approach with a respect of privacy and lack of intrusiveness.
Hastings, East Sussex
Richard has taken all my financial worries away. No hours pouring over that tax return. I look forward to his visits, a cup of coffee, good advice - all sorted!
Tunbridge Wells, Kent