Is Your Home Exposed To Care Fees?

Is Your Home Exposed To Care Fees?

Many people are unaware that if you have assets / funds in excess of £40,000 in Wales (rising to £50,000 by 2021) then you have to fund your own care.  Given the fact that the average value of houses in Wales as at April 2018 being circu £156,000, it exposes many home owners in having to fund their own long term care in later life.  A question we ask ourselves is…..are people aware of this?

If you are a homeowner it would suggest that you are a taxing paying family or individual. To then be faced with having to fund your own care with the home that you have worked long and hard for during your life, would leave a bitter taste in most peoples mouths. In fact you are very likely to receive the same level of care of a person who has never worked during their lives, but are receiving the same level of care free of charge!

However there are several ways of potentially mitigating against this kind of charge. But many people are unaware and leave it until it is too late, before exploring these avenues.  What you have to ask yourself is…..am I prepared to incur a far lesser fee for professional advice (versus funding your care to a tune of circu £2500 to £3000 per month) to potentially put arrangements in place for this kind of scenario, given the fact you may never need long term care?  Or would I rather chance that I won’t need long term care and run the risk of giving all of your hard earned monies to the local authority, leaving little or nothing to your loved ones when you die?  I known what I would rather do!!

To conclude, with an interesting fact to give some food for thought….people are living longer in the UK, but with more ailments.  This suggests that the chances of requiring long term care during your life are increasing drastically.