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We are all living longer and, much as though we would wish otherwise,
there will come a time in most of our lives when we will need help
with our daily routine.
As we are living longer, we face the increased worry of who is going
to care for us as we grow older. Planning for our retirement and beyond
should be an exciting stage in our lives, a time to plan for emotional
and financial needs. However, for many, the strains on the Welfare
State mean that it is unlikely to be able to provide for them as they
might like in their later years.
As with most things these days, the cost of care in old age is rising
at an alarming rate. Those with foresight can now take positive steps
to pave the way to a more comfortable and worry free life in the future.
They can ensure that they have the freedom of choice to select the
care home they prefer and the type and level of care provided. Those
who do not make sufficient provision may have to accept a lower standard
of living in a care home chosen by their Local Authority!
Many people still think that the Welfare State will look after them
and cover any costs if they need care in the future. The reality,
however, is very different. Unless you have very limited means, individuals
will be required to meet all the costs of long term care.
If care is needed, currently you would have to meet all the costs
from personal assets - savings, pension, possibly even your home -
until you have only £18,000 left.
Once the value of your assets falls below £18,000, you would
have to meet a proportion of the costs until the value of your assets
was further reduced to just £10,000. Only then will the State
pay the full cost of care.
Specialist Long Term care plans are now available to help ensure that
your later years are well provided for. These can be tailored to individual
needs and requirements according to one's means. Most offer a comprehensive
and flexible range of benefits to choose from.
After initial investment claims can be made if an individual cannot
perform a specified number of activities of daily living without assistance,
or, if you suffer from severe mental impairment such as Alzheimer's
Disease. The activities of daily living are basic everyday tasks upon
which, personal hygiene, basic health and even survival depend. They
are:
Washing - Dressing - Feeding - Toileting - Mobility - Transferring
For more information about Long Term Care policies
please contact us.
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