Against the backdrop of a deepening financial crisis, leading independent care advisers, Grace Consulting reports more people seeking help in the struggle to find elderly care solutions for themselves and their relatives.
According to charity, Counsel & Care, funding a care home is the biggest concern for older people, findings that are backed by Grace Consulting that has seen this compounded by the economic downturn and its effect on property prices.
Grace Consulting’s Chris Cain says, “70,000 people sold their home last year to pay for care. But faced with falling prices and a lack of potential buyers, people now have to find alternative ways of funding their care. With misconceptions and much confusion around the costs of elderly care, individuals need to make use of good quality advice. Lack of understanding about what help is available to fund care and at what level the state will step in to help is all too common."
Many people neither know nor understand how the value of their assets affects paying for care and that the situation applies differently in the case of couples. Where one of an original couple continues to reside in the family home its value will be disregarded when an assessment is made of assets.
Engage Mutual offers free access to a level of elderly care advice from Grace Consulting to purchasers of its over 50s life cover.
Long term care insurance: News update: 12/02/2009