How much is long-term care likely to cost you in later life?
If you’re like many others, you probably underestimated your answer.
A new survey by the Equity Release Council found that people typically underestimate the cost of care by around £12,000 a year.
The average cost of care for the elderly is £28,367 a year. Most people believe it will only cost them around £16,000 a year.
Here in Surrey, the cost of long-term care is much higher than the national average.
In the South East, the average cost of a room in a private care home is around £30,000 a year. It can be as high as double this amount for some of the best quality care homes in Surrey.
For many people, their home is their largest financial asset.
Here in the GU6 postcode area, the average value of a 3 bedroom property is £388,600 and it is £582,000 on average for a 4 bedroom property.
With almost one in five people saying they would consider selling their home to cover the cost of care in later life, it is important to carefully consider all of the options for funding care.
We work with individuals, solicitors and care homes to provide specialist and independent advice on all aspects of care fees planning and funding long-term care.
Do get in touch if you have any questions about funding the cost of long-term care.
