Care Fees Planning in Teesside
Planning for future care needs can feel overwhelming, but our Care Fees Planning Services are here to help.
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Speak with us today to arrange your no-cost meeting (worth £500) with one of our local pension & retirement experts.
What is Care Fees Planning?
Care fees planning involves managing your finances to cover the cost of long-term care, whether that’s in a care home or receiving care at home.
And, with the costs of care continuing to rise, understanding your options and making sure there’s a plan in place is essential to protect your assets and ensure quality care is there when you need it.
Why Care Fees Planning is Important
- Protect Your Savings and Assets: Without proper planning, care fees can quickly deplete your savings or require you to sell assets, including your home.
- Ensure Quality Care: By planning ahead, you can make sure you have the funds needed to choose the best care option for your needs.
- Minimize Financial Stress: Our experts help you develop a strategy that reduces financial worry, giving you and your family peace of mind.
Joslin Rhodes’ Care Fees Planning Services
We specialise in creating personalised care fees plans that take into account your financial situation, goals, and long-term care needs.
Our services include:
- Care Cost Assessment: We’ll review your current financial situation and projected care costs to determine how much funding will be needed.
- Asset Protection: Here we’ll explore ways to protect your assets, such as property, savings, and investments, to avoid unnecessary depletion.
- Investment Planning: We offer investment strategies to grow your savings and create an income stream to cover care fees.
These services can also be added on to any of the Pension & Retirement and Estate Planning Services we offer so that you’ll have a complete plan for the future.
How Much Are Care Fees?
Based on the latest figures available*, if you’re paying for your own care, you can expect to pay on average £1,387 for a residential care home, or £1,545 for a nursing home. So, if you add that up, that’s approximately £72,000 for a residential care and £80,000 for nursing care. Not small sums!
And, depending on the type of care you need, where you want to live and if you choose a home with luxury facilities such as a restaurant or spa, you can expect to pay even more.
Here’s what you can expect in Teesside and North East England.
| Region | Residential Care Costs Per Week | Nursing Care Costs Per Week | Residential Dementia Care Costs Per Week | Nursing Dementia Care Costs Per Week | Residential Respite Care Costs Per Week |
|---|---|---|---|---|---|
| North East England | £1,398 | £1,594 | £1,424 | £1,623 | £1,451 |
Source: Lottie, September 2024
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Whether it’s pension puzzles, care fee planning chaos, or sleepless nights from financial worries, we’re here to help.
Most Asked Questions About Care Fees Planning
Do I have to pay for my own care costs?
If you live in England and have assets (this includes property, savings and investments) of more than £23,250, you would be classed as a Self-Funder and have to pay the full cost of your care. If though you fall below that and have assets of at least £14,250, you will still be required to pay some of your care home costs.
Isn’t there a cap on care fees?
No, there is currently no cap on care fees in the UK. While the previous Conservative government had announced that no one in England would pay more than £86,000 in care costs over their lifetime from October 2025, these reforms were scrapped by the new Labour in July 2024.
What financial support is available for care fees?
Depending on your personal circumstances, financial support may be available through your local authority. To be eligible though, you will need to complete a Care Needs Assessment as well as a Financial Assessment. If you’re deemed eligible for funding support, your local council will let you know how much they’ll contribute to your care costs. Another option is NHS-funded care which can include one of these: NHS Continuing Healthcare or NHS Funded Nursing Care.
Will I Have to Sell My Home to Pay for Care?
You might not have to sell your home immediately. The value of your home is usually included in the means test if you move into a care home permanently. However, there are options like Property Trusts or Deferred Payment Agreements, which allow you to delay selling your property until after your passing. Planning ahead can help you explore ways to protect your home and assets.
Can I Protect My Assets from Care Fees?
Yes. There are legal and financial strategies that can help protect your assets from care fees. This can include setting up a trust or transferring ownership of property.
When Should I Start Care Fees Planning?
The sooner, the better! Ideally, you should start planning for care fees before you need care, especially if you want to protect your assets. Early planning gives you more flexibility to explore your options, reduce future financial stress, and secure the best care for yourself or your loved ones.
Don’t leave your future care to chance
Our team of experienced advisers are here to protect what’s yours. Book your free consultation today.
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When you can afford to retire
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How much money you'll need in retirement
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How to make the most of your pensions and other assets to fund your lifestyle
