Care Fees Self Funding
We are living longer but this means our care needs are rising:
It is great to know that due to improvements in standards of living and healthcare we are living longer.
Unfortunately, according to the General Household Survey, nearly 40% of people aged 65 - 74 and nearly 50% of people aged over 75 said they had a long-standing illness that limited their lifestyle.
It is therefore more than possible that we will need care at some point.
Care Fees Self Funding - Who does the State help?
In addition, the State will only offer care fee funding to people who have small amounts of savings and assets. Currently, public care organisations are only obliged to offer care fees funding for people with fees whose assets are under certain capital limits.
40,000 Homes Sold for Care Fees Self Funding
You work hard all of your life saving, paying into pensions and buying your own home and then you may be penalised for having wealth. Due to the capital limits for support, you may have to self fund your own care fees whether it is in a residential home a nursing home or social care at home with a 'home helper'.
To afford to self fund your care fees, you may have to sell your assets or your home to raise the money.
If you do not sell your home and cannot afford to self fund your care fees, the local authority will normally wait until you either pass away or sell your property and move. They will then send their care bill for your care fees and recover any fees.
It is currently estimated that 40,000 homes are sold each year with the proceeds having to be used to self fund residential care fees or social care fees. How long would your property last? Use the Property Decumulator Calculator to see how long your house would last.
The need to plan for care fees self funding