Long term care

If you live in England or Northern Ireland and your personal assets are more than £23,250 1, you will have to pay for any long-term care you might need. In Scotland, that figure is £29,750 2 . In Wales it’s £50,000 3.

Emotional toll aside, arranging care for you or a loved one is extremely complicated. Dealing with issues such as mental capacity, eligibility for state benefits, Lasting or Enduring Powers of Attorney*, the type and location of the care home and funding the care itself can be extremely stressful.

The ‘single’ average cost of a residential care home in the UK is around £34,944 a year, increasing to more than £48,812 if you need nursing care. With the average stay at about three years, costs can be huge. 4

If you need care and have to fund the fees yourself, you’ll have plenty to consider. You’ll want to be in a home you like, and you’ll need to be able to afford to pay the fees for as long as you need to. You might also want to protect your wealth and pass on an inheritance.

Paying for care can be an expensive long-term commitment. There are pros and cons to the various funding options available, so it’s important to get financial advice from a specialist as early as possible.

Whether you’re concerned about saving for future care home fees or facing the possibility of needing to pay them now, we can help you and your family make the best choices.

The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.

* Powers of Attorney involve the referral to a service which is separate and distinct to those offered by St. James’s Place and are not regulated by the Financial Conduct Authority.

1 Age UK, Paying for a care home, 2 December 2022

2 Age UK, Care Home Guide: Funding, May 2022

3 Age UK, Paying for a permanent care home placemet in Wales, April 2022

4 Laing and Buisson Care Homes for Older People, 32nd edition, 2022