Care Home Fees
Many of us work hard throughout our lives with the goal of owning our own home and building up some savings for retirement. Eventually we would like to leave something for our children and grandchildren after we are gone.
However, if you require long term social care and have £23,250 or more in capital, including your family home you will be expected to pay the full cost for accommodation, board and personal care. These costs can literally wipe out your entire savings and your property may have to be sold to pay those fees. This could mean that your loved ones receive very little, or even nothing at all of what you originally intended.
When anybody enters long term care they are initially “means tested” and ALL their assets are considered. Only those who have under £14,250 will escape the costs of care fees.