Care in later life for most people is not a free service unless you have minimal savings and income. You will also not be entitled to any help with care if you own your own home and are moving into a residential care home or similar assisted-living property. You may think you are too young to be worrying about senior care, but what about your parents? Are you sure they have considered their later life care?
Even if you do get help to pay for elderly care, that would limit your options when ideally you would want to have a choice about the care you receive. If you plan well in advance it will give you more, and better, options to have the type of later life you want.
Unfortunately, most people do not plan in advance especially when it comes for paying for care; and only 1.9% of us seek the advice of an independent financial advisor, according to a report by the Live-in Care Hub, a non-profit organisation. Failing to plan for elderly care can mean that illness or sheer lack of time lessens the amount of care choice, which isn’t something most people want to have to deal with. Planning is essential and provides great peace of mind for the future; whether it’s for your own senior care or your parents.
The Importance Of Understanding The Types of Care
Many people who are still bringing up their own families and pursuing their own career are placed in the situation of having to provide, or arrange, care for their own parents. Elderly care is a broad term covering everything from simple in-home care (help getting out of bed, washing and dressing) right through to more complicated medical needs such as caring for someone living with dementia.
Having a healthcare assessment check is important to find out the kind of care needed. It means you can understand the types of care available based on individual needs and financial situation. Healthcare assessments should also be kept up to date in case circumstances and needs change. This could be because an illness has become worse or because an unexpected injury has occurred that will cause life-long changes.
The Cost Of Care
Senior care is expensive and knowing how much you will need to pay for your own care will help you prepare for the expense.
Often residential care or nursing home care costs the most. This is because you’re getting care support, meals, accommodation and other services. Sadly, over 90% of us would prefer not to go into a care home, but luckily there is an alternative. Live-in home care can cost similar amounts to residential care, and in some cases it is cheaper. It also brings with it added benefits such as:
- The ability to stay living in your own home
- The ability to stay with your partner and pets
- Having the companionship of a carer dedicated solely to your needs
- Having help with things like running errands, cleaning and cooking as well as personal care
- Maintaining your garden and beloved possessions
- Helping you keep up a social life and independence
Serious health issues like dementia or mobility issues can make care more expensive so it is important to look into all options; but there will always be good solutions to elderly care.
Do Your Research
Research is key when it comes to planning later life care costs including residential care or live-in home care. Having a healthcare assessment is key to your planning as it tells you the kinds of care suitable for your needs. The more you plan ahead and budget for your later life plans, the more able you will be to relax knowing that the next chapter is all in hand. Later life can be fulfilling and enjoyable as long as you plan ahead.
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