Elder Finance
One of the biggest concerns of the elderly is health and the increased level of care required as they get older. Make sure you, your parents and loved ones, are properly prepared for the financial demands as they get of getting older.
• Census 2016 highlighted a 19.1% increase in the population over 65 to 637,567. The Central Statistic Office expects this to rise to between 1.53 million and 1.6 million by 2051.That is a rise of almost 1 million citizens. In addition, they project that the over 85s will increase even more dramatically from 148,000 in 2016 to over 538,000 in 2051.
• Cost of a nursing home ranges from €50,000 to 90,000 per person per annum. The average cost of a HSE run nursing home in 2018 is €1,564 per week or €81,328 pa (Comptroller & Auditor General, Aug 2020). This could be one of the biggest expenses of your life.
• Can be extremely complicated to decide the best course and expensive if wrong
• Needs to be considered in conjunction with inheritance planning
• Ideally at least 5 years prior to needing care
Speak to your financial and legal advisers as early as possible.