Care costs can be significant and understanding how they might affect your finances allows you to stay in control and make confident decisions, whatever the future holds.
Is government support available?
Government support for care costs varies depending on where you live in the UK and your financial circumstances.
What does a means test include?
When a local authority performs a means test, it evaluates your income, savings, and property. This helps to determine if your local authority helps pay for your care. Most of your assets and savings are treated as capital but your home is normally excluded under the following circumstances:
- Your spouse or civil partner still resides in the property
- A disabled relative resides in the property
- A relative aged 60 or over resides in the property
- A child aged under 18 resides in the property
- The person is in the first 12 weeks of requiring long-term care
- Their care needs are only temporary.
Will giving my property away exclude it from the means test?
The local authority is entitled to question whether or not you have transferred your property specifically to avoid it being included in the means test. There is no time limit for this.
How much will long-term care cost?
Costs are very different depending on whether you receive care in your own home or in a care home and also depend on how much support you need.
Making sense of it all – we’re here to help
The idea of paying for care, whether for yourself or a loved one, can feel overwhelming. But you don’t have to navigate it alone.
We’ll help with tailored advice based on your individual circumstances as well as helping you to understand the bigger picture.
Whether you’re planning ahead or facing an immediate care decision, we’re here to help. Just get in touch.
The value of investments may fall as well as rise. You may get back less than you originally invested.
