LONG TERM CARE

We all dream of enjoying 20 or 30 years of healthy, happy retirement. Planning for your care needs now means security for the future!

Government statistics show that from age 60, one in three women and one in four men will require some form of long-term residential care. No wonder the funding of care is a major concern for our growing elderly population. Although the NHS provides free medical care whilst in hospital, long-term provision is the responsibility of your local authority and is not free to everyone. If you have assets of more than £22,500 you will be expected to pay for your own care needs.

In most cases, the value of any property owned is taken into consideration and so many look to sell their house in order to pay for care. This can be very traumatic especially If there is a partner or dependents sharing that home. With assets between £13,000 and £21,500, you may receive some financial assistance. For those with assets of less than £13,000 care will be provided, but you will have to give up any personal income (apart from a modest allowance of £20.45 a week) to your local authority.

Sadly, there still may be significant shortfall between the real cost of the nursing home and any state funding. Without sound advice and adequate planning many run the risk of eroding the value of their estate. The thought of having little or nothing to show for a lifetime of hard work can be very distressing.

A long term care insurance plan, backed with sound estate planning guidance and advice, is a sensible and cost effective option for many people. This provides security for later life by partially or fully funding your care needs whilst protecting your assets and income.

Long- term care plans fall into three main categories

Long Term Care Bonds are lump sum investments designed to pre-fund anticipated care needs. Being pre-funded they have the benefit of being typically lower cost than 'immediate need' schemes.

For sound, impartial advice on Long Term Care Planning -
call Core today on 0844 875 5777