Assisted Living Insurance

As we get older care costs are likely to be one of the biggest expenses we face. The rising average cost of care in the UK means for many people it can be difficult to fund all, or part of any care they might require. Moreover, it might have major financial and emotional implications for the family.

It’s a well-known fact that people are living longer these days. However, as we get older some everyday tasks that were once easy become gradually more difficult and may require assistance. For example: getting out of bed, washing, dressing, feeding and everyday mobility - all present significant challenges when linked to declining mobility and general health.

Fitting essential assistive devices, combined with the provision of professional care services can mean the difference between continuing to live at home with a high degree of independence and going into expensive long-term residential care.

It could be a mistake to rely on the state to fund care

Some people wrongly believe that the state will cover their care costs. It may well not be the case and will certainly involve intrusive means testing, with many people finding that they will be expected to meet some, or all, of the costs themselves.

In addition, if anyone is found to have deliberately deprived themselves by giving away assets, or to have spent excessively to avoid paying for care, local authorities have the power to reclaim these assets, or to include the amount in the value of an individual’s remaining assets. Local authority funding is not available unless the asset value has been reduced to below the threshold.