We all dream of enjoying 20 or 30 years of healthy, happy retirement. Planning for your care needs now means security for the future!
The need for long term care for those aged 65 and over is increasing. 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, you may 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. For those with assets below the government’s threshold, care may be provided, however you will have to give up any personal income (apart from a modest allowance) 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:
Immediate Need Schemes
Pre-funded Long Term Care Insurance
Long Term Care Bonds
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 01622 692224 or find yourlocal IFA here.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated
Core Financial Services Ltd is authorised and regulated by the Financial Conduct Authority member no. 471184. Financial Conduct Authority - http://www.fca.org.uk/
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