Recession's double whammy leaves long term care of the elderly more uncertain than ever

There are few sections of the population that can ill afford the fallout from the banking crisis than that of the retired or elderly, but one Cheshire probate lawyer is warning families to think carefully about how to fund long term care of a loved one.

The ‘qualification’ for state care has this month increased from £22,250 to £23,000. Any person with savings or assets over this amount does not qualify for help from their local authority and instead must find other ways to fund long term care.

“It’s a paltry increase, just over 3%, and rules most people out of any state intervention to pay fees for long term care,” said Carl Marston, Probate Lawyer with SAS Daniels LLP Solicitors.

“Most people would then look to sell their home and invest the proceeds to secure the funding for their care – but the current banking crisis and recession has meant that selling houses is difficult, values have decreased considerably and the interest on investments is at an all time low – it’s a double whammy.

“Deferred payment of long term care may be an option for some; the ability to pay for your care from the assets within your estate once you are deceased, but advice should be sought, and its often the case that people just don’t know about the possibilities.

“Many of today’s elderly will not qualify for state help as their homes increased considerably in value during the boom years, and so there are many more people faced with paying for their own care – it’s a growing problem.

Despite assurances from The Department of Health to work closer with Local Authorities and Primary Care Trusts in an attempt to simplify the process of choosing and paying for a care home there are no signs that things are improving.

“In view of the economic predicament I would have liked to have seen the point at which a person pays for their own care to have been substantially increased,” said Carl Marston.

“There are a number of other options which families can consider when care is to be paid for in an attempt to protect assets and advice should be sought from experts – the Local Authorities and Primary Care Trusts often get things wrong.”

SAS Daniels LLP is Cheshire’s biggest law firm, with offices in Stockport, Macclesfield, Chester, Congleton and Bramhall.

For more information contact Carl Marston