Long Term Care Planning
Long Term Care refers to the kind of care you will need for the foreseeable future, maybe as a result of permanent conditions such as arthritis, a stroke or dementia.
About three-quarters of 65 year olds will need care at some point in their lives, according to the Association of British Insurers. It could be the result of an illness or from old age. It could mean help with activities such as washing, dressing or eating in your own home or in a care home (residential or nursing).
What Kinds Of Long Term Care Plans Are There?
There are two types of long-term care insurance, which you can buy either when you need care or in advance:
1. Immediate care Long Term Care Insurance – you buy this when you actually need care.
2. Pre-funded Long Term Care Insurance – you buy this in advance, in case you need care in the future.
At Investment Solutions, our Long Term Care Specialists will help you provide for your well-being in the event that you need long term care, whether your needs are immediate or whether you are planning for the future. We can show you how we can optimise your investments to produce income to help pay for care fees and advise on all kinds of Long Term Care policies.
As we are all, on the whole, living longer, this can often result in the unwanted sale of property and the reduction in the value of the estate in order to pay care fees. There are a number of ways to help you cover the cost of care, including using savings and investments.
Firstly, it is important ensure you are claiming the financial assistance you are entitled to from the State, including various disability allowances. Take a look at our More Resources page where you can find some useful links.
It is also a good idea to take a full financial review to explore ways that care fees could be funded, which might include:
- Income-producing investments
- Investment encashments
- Insurance-based solution such as an annuity
Why Would I Need Advice on Long Term Care Planning?
As you get older, you might develop health problems that could make it difficult to cope with everyday tasks, meaning you need help to stay in your own home or have to move into a care home. It may be that you have a parent or relative in this situation now.
The State may provide some help towards the costs of this care depending on your circumstances, but these benefits are broadly means-tested and the government employs this strategy to ensure those that can pay for their own care do so. Presently, people with assets of more that £23,000, often including the value of their home, do not get any help paying for full-time care.
Download Our Long Term Care Brochure
If you would like a copy of our Long Term Care Planning Brochure simply click to download: