When it comes to paying for care, many of us assume that the state will pay. Unfortunately, this is not necessarily the case and is increasingly less so, given the various spending cuts facing the country.
In considering the funding options available, there are:
1. Publicly funded care options
2. Privately funded care options
There are several options available when it comes to funding care.
Use of savings / liquid capital
The first option for most people when paying for care (whether care at
home or care in a residential/nursing home) is to draw upon savings or
sell investments (bonds, shares, collectibles).
Downsize / relocate
Another option is to sell the family home and move to somewhere smaller or move in with relatives.
Once the immediately accessible money has been spent, an increasing
number of people release money tied up in their property in the form of equity release
Immediate Care Plans (ICPs)
Due to the uncertainty about how long care will be needed for, many people seek to insure against the risk by taking out an Immediate Care Plan