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 who needs to pay for Long Term Care, it is important to know everything there is to know about before it’s too late.
1. 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.
2. 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.
3. 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:
4. 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).
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.
5. NHS qualified
Free NHS continuing healthcare (CHC) can be granted for those with disability or complex medical issues. 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.
Financial Foresight do offer specialist later life advice, so for a free long term healthcare planning consultation contact us today! Give us a call today on 028 9332 2822, We’d b love to help you plan for your Long–Term Care needs today!