Nowadays, people are living longer, thanks to improvements in medicine and the fact people are experiencing a better quality of life.
Whilst this is extremely positive to hear, it does however mean that there is a bigger requirement for care in later life, especially when people experience disability or serious illness.
Planning for long term care is something that should not be put off – ultimately, unless you qualify for support from your Local Authority, you would be responsible for finding the costs to cover that care. At the time of writing, this relates to people with assets that amount to more than £23,250.
Preparing for this as early as possible is key to preventing the situation from becoming too overwhelming.
Firstly, it is important to review the two types of care that are available:
We strongly recommend speaking with a financial adviser before commencing any long term care planning. This is because a reputable firm (or individual) will be able to evaluate your circumstances and guide you as to the best course of action.
But essentially, the most common ways to fund this care include:
Having been established since 1992, our professional financial advisers, Ben and Hannah, have a wealth of experience when it comes to long term care planning. We understand that everyone’s financial situation is different and, as such, we provide specific advice that is designed to meet your individual needs.
If you would like to find out more about our services, please feel free to get in touch and we will be happy to discuss your specific requirements.