Long-term care planning
Long Term Care Planning
Long term care covers a variety of services which help people with a chronic illness or disability, who cannot care for themselves for long periods. For those who cannot care for themselves at home, residential care will need to be considered. According to Age UK, costs average around £600 a week for a care home place and more than £800 a week for a place in a nursing home. For many, this is a significant amount of money, and there is no way of knowing how long you will need to pay it. You’re not obliged to get professional financial planning advice when choosing how to finance your long-term care. But in most cases, it’s crucial to do so as there are numerous options, including:
- Pre-funded insurance
- Immediate needs care plan
- Care bonds
- Equity release
- Existing sources of income
- Let property
- Deferred care plans
We will recommend the best way to fund long-term care that is compatible with you and your family’s priorities. We can help with other areas such as finding professionals who can write your will, or set up a Power of Attorney. To discuss your long-term planning needs and find the best solution for you, please get in touch.