The rising costs of long term care have been very subjective discussion for many years. This discussion would always be in the focus as long term care is needed by almost everyone. The costs of nursing homes are very high and can sum up to a large amount when the stay is of one year or more. The care fees is something which is not affordable to the most of the people. People find it difficult to pay all the expenses by themselves. For long term care whether in home or at the nursing home can be financed. For many elderly people entitled for NHS Continuing Health Care, they receive complete facilities for free. But this facility is available to very rare and hence one needs care fees advice which costs them less.
Following are some of the ways of financing your care plan:
- NHS Continuing Care or fully funded NHS care are offered by NHS in which the eligible persons receive free care at any place that could be home, care centre or hospice. Eligibility is needed to be checked before getting this help.
- Self Funding for the Care: In this type of financing you pay for all the facilities by yourself. You can pay your bills from your personal savings and assets. This option is definitely not a feasible option as most of the people do have so much money to afford the facility fees and even if you have the yearly expenses of the services would deplete your resources soon.
- State provision for care help: If you do not have enough income to afford your facility fees and you are not eligible for NHS continuing care, then with the help of care fees advice, you can apply for state provision or local authority funding for your facility fees.
- Annuities and Life insurance: There are a lot many insurance schemes are available for us and one can buy a scheme which lets you use a part of the death benefit for paying your long term care fees. Annuities are the facility that is paid only at the time of the need. You can get long term care advice for getting the best annuities and insurance plans.
- Long term care insurance: This type of financial planning is to be matured over the years. And after certain time period the person can avail the facility and can get benefits in which your care fees would be paid. In an insurance one has to pay premium for the waiting period in which a certain amount has to be accumulated before getting the benefits. For this type of financial aid one needs to plan long ahead before needing the care facility.
There are institutions who sort out people’s needs by providing them long term care advice as per your economic condition. One should take help from such institutions for getting on time care facility with all the necessary funds for paying for the facilities. Long term care facilities are expensive and hence planning in advance is the best solution.