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Paying for Residential Care

January 2015

Many people are concerned they may need care in their own home or in a residential home when they are older and how this care will be paid for.  Recent figures reveal that 42,000 people in the UK now live in care homes.  Of those resident in care homes 1 in 3 pay for themselves. 

Reforms are due to be introduced in April 2016 which will cap the amount individuals have to pay for their care.  However, as a recent ‘care calculator’ published by the BBC confirms many people will still be contributing a large proportion of their assets to pay for their care. 

For further advice on care home funding and managing your finances contact us.

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