What is Residential Care
Out of all financial planning, it is generally care fee planning that is delayed the most as it is always something that we consider will never happen to us or our family, unfortunately it does with 376,250 people currently in residential care*.
What is residential care
Residential Care is care provided in a registered care home which are staffed 24 hours a day and all meals are provided. Care homes sometimes provide nursing care too, so it is imperative to ensure that the care home you choose meets your exact needs.
There are two main types of care home:
- Some offer accommodation and help with personal care – activities such as washing, dressing and going to the toilet
- Others provide those services and also offer nursing care
- There are also homes that offer extra care specifically to cater for a particular illness, ie, Dementia.
MGS Financial are qualified to provide long term care advice and can help with either a structured plan to set aside an amount of money that can be used to fund care, or by utilising existing assets to form a care plan for an immediate need.
Please follow the links below to see our advice process and other information on care fees.
*report by the British Geriatric Society