A Beginners Guide to Long Term Care Planning
Long Term healthcare, most commonly called Long Term Care planning is something which many of us fail to recognise and plan for. Funding long term care can be expensive and often complicated to understand. If you or a family member needs to pay for healthcare, it is important to know everything there is to know about long term healthcare before its too late…
How much will you pay for long term healthcare?
The cost of long term care is calculated based on your mobility, current health, value of savings, assets and the level of healthcare required.
Tip: Think about your needs in advance as often when the time comes it is difficult to make the decision for you or a loved one.
Free NHS continuing healthcare (CHC) can be granted for those with disability or complex medical issues. Whilst there’s often ambiguity surrounding CHC it’s important to find out if you are eligible sooner, rather than later.
Healthcare is usually funded by the NHS and provided within home care, hospital or nursing home. Qualifying for such long term healthcare usually occurs when the patient is in need of a nurse, as opposed to a carer.
Local authority funding for long–term care
Within Northern Ireland there are often circumstances permitted, whereby, your local council or Health and Social Care Trust will help with the cost of nursing home care.
The amount of funding you receive will depend on:
- your individual needs (based on a care needs assessment)
- how much you can afford to pay towards the costs of care yourself (based on a financial assessment)
Self–funding long term care
Depending on circumstances there are instances whereby you may not qualify for NHS or local authority long term healthcare funding. Or, for those of which who qualify; funding may not be sufficient enough to cover all costs. In which case, you need to consider how exactly you will make up these contributions and whether or not, you can pay for it all yourself.
Claiming the benefits, you’re entitled to
Benefits are provided to those who need to self–fund long term healthcare. These benefits include: attendance allowance and personal independence payments (which replaces disability living allowance).
Guidance for Long term care healthcare
Aforementioned long term healthcare is a very diplomatic and often difficult procedure, not only in immediate scenarios, yet planning in advance can be equally as daunting.
Whether you require:
· Nursing home care
· Elderly care
· Home care
To diffuse the situation, assess your eligibility, benefits and needs; Financial foresight have a trusted team of financial advisors who are at hand to help guide you and simplify your healthcare options and plan in advance.