Four Ways To Fund & Plan For Your Long Term Care

As medicines and quality of life continue to improve, so do the chances of us living longer. But this, in turn, leads to an increase in the need for long term care.

To some, it may seem early to be thinking about this. But if you remember that long term care costs will be covered after retirement, considering things now will help ascertain where the money will come from.

Some things to consider when it comes to long term care planning include:

  1. Try and ascertain how much long term care will actually cost. To give you a rough idea, a full self-funder in the UK costs, on average, £846 per week. But please be aware that there are regional differences and each Local Authority has the power to set their own charging structure/fees
  2. Discover whether you are eligible for support from your Local Authority. Whilst this is dependent upon your mobility and ability to carry out day-to-day activities, you may find that your Local Authority is able to cover some of the costs for you. However, it is important to note that even if you are eligible, you may still need to pay something towards these costs
  3. Do you have options available to self-fund your care? For example, do you have any savings or investments you can draw upon? Do you have property? There are options we can explore together which may mean you will not have to sell your home
  4. Speak to a specialist financial adviser who will review your individual care needs from an unbiased perspective and offer expert advice that is specifically tailored to you and your family 

Dedicating time to consider your overall situation will provide you with a better understanding of how you will be able to cover the cost of long term care, now or in the future.

For more information on this subject, take a look at our blog post, A Guide To Planning & Paying For Long Term Care.

Words from financial adviser, Hannah

There are many factors to consider in order to pay for your care. Whilst it can be a very stressful time for you and your family, we aim to alleviate some of this anxiety by starting the planning process as early as possible. As your financial advisers, we would work together with you to review your individual circumstances, ensure appropriate cover is in place and plan for your future.

Throughout 2022, we are delighted to be celebrating our 30th year in business. All this time within the financial industry has refined our knowledge and expertise, meaning Ben and I are extremely confident that we could help meet your long term care needs.

Start thinking about the future today. Get in touch and speak to us.