PHONE
+44 (0) 1803 659659
+44 (0) 1803 659659
email
adrian.howard@sjpp.co.uk
ADDRESS
2 The Old Bank Chambers, Fore St, Torquay TQ1 4PR

In 2017, 1.6 million people - approximately 2.4% of the population - were over the age of 85. By 2041, this is expected to double to 3.2 million people.*

If your personal assets equate to £23,250 or more, and you're a resident in England or Northern Ireland, you are now required to pay for any long term care you receive.

The average cost of a “single” person stay in a residential care home is around £32,344 a year. This increases to over £44,512 for those needing and receiving nursing care. As the average stay is about three years, the cost can soon mount up.*

Aside from the financial cost, arranging care for yourself or a loved one can also be complicated and stressful. There may be an emotional cost too.

You may have to deal with issues such as:

  • Mental capacity
  • Eligibility for state benefits
  • Lasting or Enduring Powers of Attorney**
  • Type and location of the care home
  • How to fund the care itself 

Yet, less than 15% of people who fail to meet the qualification requirements for financial support, seek appropriate, regulated, financial advice before entering care.*

If you need care and have to fund the fees yourself, there are many things that you will need to consider. Paying for care can be an expensive and long term commitment. 

Not only is it important that you receive care in a home of your choice, but you’ll also need to consider whether the cost of that care is affordable for as long as you might need it.  

You may also need to protect your wealth so that it can benefit your loved ones should you die.

Long term care planning can be complex. There are pros and cons to many of the solutions available. So, it’s essential you seek financial advice from a specialist adviser. 

Talk to us today and we can you refer you to a SOLLA-accredited practice through St. James's Place .

The value of an investment with St. James's Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.

* Source: Laing and Buisson Report 2017/18

** Powers of Attorney involve the referral to a service which is separate and distinct to those offered by St. James's Place and are not regulated by the Financial Conduct Authority.