Each year around 130,000 people move into a residential care setting of which just under 60,000 are required to self-fund their care costs. However, only 3,500 families explore the option of using a specialist care plan as a possible means to fund the cost.
The schemes are insurance-based arrangements which guarantee to pay a care costs for life, in exchange for fixed premium, allowing families to limit the cost of care, to secure the ability to remain in a care home of their choice and to protect their family inheritance.
Specialist help on these schemes is available from members of the Society of Later Life Advisers.