Long-term care planning
08 October 18  /  Insights

According to a recent study, the number of adults aged 85 years and older needing constant care is set to almost double to 446,000 in England over the next 20 years.

Current legislation demands that anyone owning assets valued in excess of £23,250 is required to make a 100% contribution towards the cost of their care. However, anyone requiring care with assets worth less than £14,250 are not required to make any contribution from their capital. Assets even include a person’s home.

As you approach retirement, you might be thinking about how you will cover the costs of paying for long-term care, either for yourself or for a relative. Perhaps you are already caring for an older relative and are wanting to look for alternative long- term care options.  

Whether you are planning for long-term care in advance or need to find care urgently, it is a good idea to talk to a Lifestyle Financial Planner first. This is because they can offer clarity on a number of areas including: how to fund for your care, which care option suits your financial needs, and how much money will be required.

Your Lifestyle Financial Planner can assist with:

  • Helping you make an informed decision about the most suitable way to pay for long-term care based on unbiased and impartial advice that is in your best interests
  • Making sure that your future care needs and those of your dependents are considered and provided for
  • Ensuring “what if” scenarios are considered so there are no surprises
  • Making the best use of your income, savings and assets to suit your lifestyle and future financial requirements
  • Creating a Lifestyle Financial Plan that not only suits your desired lifestyle today, but also your desired future lifestyle.

Click here to find out how we were able to help a client of ours realise she could afford long-term care and live her desired lifestyle.    

It is important to be financially prepared for all of life’s transitions. A Lifestyle Financial Planner will help to ensure your desired lifestyle is achievable, even when you may become dependent on others.  

Speak to a member of our team to discuss your long-term care requirements on 01865 208000 to click here  to send an email.

Sources
FT Adviser - www.ftadviser.com/pensions