FINANCE UPDATES – September 2020 – Long-Term Care Funding
Paying for long-term care is not cheap, and the burden first falls
on private individuals.
Ros Altman – the former pensions minister – described the
nation as “sleepwalking into a social care crisis”, and already
the costs borne privately are staggering. One newspaper last
year reported that the latest annual bill for privately funded
care was £10.9 billion.
The state does little to support anyone with a modicum of
savings, so whether you plan for it or not, the assets you’ve
accumulated will come under pressure when the need for
social care arises.
Finance Update – Long-Term Care Funding