Long Term Care Planning

Updated 23/3/21

We all hope for an active and healthy life, but if you or a relative suddenly require long-term specialist care you may be required to pay for it; or you may find yourself caring for someone who can no longer look after themselves, meaning that your income is affected.

Why create a long term care plan?

Bearing in mind that if you have over £23,250 capital you will be required to pay for all of your care*, this is something that many people will need to consider. Despite this, recent surveys suggest that care is not high on the agenda of many retirees**.

Thinking about funding for possible future care needs now provides a stronger chance for you or a family member to receive the optimum care in an environment that is best placed to meet your/their requirements at the relevant time. This planning may also help ease the burden on your family when considering your care options if you are unable to do so.

How is a plan created?

We take the time to fully understand your current situation and your assets, then we can help you to work out the possible options for funding care.

We urge you to contact us sooner rather than later if you would like us to help you create your bespoke plan. Options are varied and can include: using savings, investment bonds, insurances and immediate needs annuities. We will work with you to identify the option that best suits your needs.

Next steps

If you’d like to talk further about long term care planning, do contact us. Following a review we can help you to put a robust plan in place, if necessary.

Remember that the value of your investments can fall as well as rise.

* Nhs.uk.

**Threesixty.

This article was written by Culverhouse Financial Planning Ltd.

The article outlines just some of the things you could consider in relation to Long Term Care Planning. It does not represent financial advice. If you would like personalised financial advice please contact a financial adviser.

Remember that the value of investments can fall as well as rise and past performance is not a guide to future performance.