Longer life expectancy needn’t be expensive
New figures show that we’re living longer, indeed in England and Wales life expectancy at birth has increased by three years every decade for the past century according to the Office for National Statistics. Whilst everyone will not be living longer, around one in ten people aged 65 will live to be older than 100!
Increasing life expectancy brings with it many challenges and financial planning is an important consideration in addressing these. A long retirement means that a pension needs to last for a longer time. Alongside pension planning some people are also investigating care home fees planning.
Lee Baker, Head of Care Home Fees comments:
“It makes sense to plan ahead for a comfortable old age and a stress free retirement and consider not just pension planning but also care home fees planning. However one aspect of care that’s poorly understood but should be taken into account is that in some circumstances Care Home Fees can be covered by Continuing Healthcare funding from the Clinical Commissioning Group.
“Anyone who needs nursing care because of a primary health need should have that care funded by the Clinical Commissioning Group. Continuing Healthcare funding isn’t means tested and so will not be affected by any savings or assets you may have.
“Many health conditions affecting older people can give rise to a primary health need, including dementia, Alzheimer’s, a stroke, having a history of heart attacks or suffering diabetes. The onset of many of these conditions causes older people to move into residential care.
“So whilst those moving into residential care in their later years due to social needs may find that longer life expectancy is indeed expensive those who enter care due to a primary health need will not be faced with the expense of funding their own Care Home Fees.”
Content correct at time of publication