How will self-funding long-term care impact my finances?
With care costs increasing, legislation subject to change and people living longer lives, it is more important than ever to consider a financial plan for long-term care funding.
NHS England predicts that, as the number of those living over the age of 85 is expected to increase in the next decade, the number of people in that age bracket requiring 24-hour care will grow by 92%, based on a report by Age UK. Having a long-term care plan in place to cover all our social and healthcare needs in the future matters to all of us and becomes more important as we get older.
How to fund long-term care in a way that can protect you and your family in the coming years may be an issue that has been at the back of your mind as you approach retirement. You may want to save for the possibility of long-term care for yourself and your partner, or perhaps for a relative.
With Which? reporting that care home costs in 2019 are nowreaching an average of £651 per week across the UK and as much as £783 per week in the south-east, the sooner you start planning for this type of financial outlay, the better.
We can help you put a strategic financial plan in place. We can advise you on how best to manage the flow of spending and saving in order to ensure you have enough funding to account for any future care costs, based on how much you need to put aside and when this ‘pot’ is likely to be needed.
We believe that having a plan in place as early as possible is the best way to be prepared for all eventualities. Planning for self-funding your long-term care now will give you the opportunity to form a comprehensive strategy that will be ready to come into effect when you need it to.
This plan will be tailored to you. We will create a strategy that is both comprehensive and flexible, ensuring that it fits with your financial circumstances as they evolve.