Long–term care (LTC) is a variety of services which help meet both the medical and non-medical needs of people with a chronic illness or disability who cannot care for themselves for long periods.
Financial advisers become involved when there is a need to discuss the care funding. We can help with other areas of financial planning too, like referring you to a professional to writes Wills, or a Power of Attorney.
The need
Currently there are over 433,000 people in residential care within the UK and with this figure set to increase to 750,000 by 2031. The issue of how to pay for this care needs to be addressed now.
The average cost of a single room in a UK nursing home is £756 per week, and with care home costs likely to increase by approximately 5% per year until 2020, the costs of care is starting to affect people’s ability to pay. Costs in the South of the UK will be higher.
This is where financial planning can make the best use of assets and income available.
Source. Laing & Buisson Care of Elderly Report 2014/15.
Some statistics that highlight the problem
It has been estimated that more than 50% of care home residents have urinary incontinence.
93% of nursing home residents and 99% of people in residential homes are aged 65+.
An estimated 4 million older people in the UK (36% of people aged 65-74 and 47% of those aged 75+) have a limiting longstanding illness. This equates to 40% of all people aged 65+.
Source. Age Later Life UK factsheet October 2016
How to solve this
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. Here are a few:
- 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 your, or your loved ones, priorities.
Templegate covers the cost of the initial consultation.
So what next?
The only thing left for you to do is pick up the phone and call Templegate on 01264 300125 or 0345 833 8837, email info@templegatefinancial.co.uk or complete our enquiry form.
Templegate Financial Planning Ltd is an appointed representative of 2plan wealth management Ltd, which is authorised and regulated by the Financial Conduct Authority. 2plan wealth management Ltd is entered on the Financial Services Register under reference 461598. The FCA do not regulate will writing services or some forms of mortgages and Inheritance Tax planning. The information and content of this website is intended for UK consumers only and is subject to the UK regulatory regime. Templegate Financial Planning Ltd. Registered Office: Winton House, Winton Square, Basingstoke, Hampshire, RG21 8EN Registered in England No. 04416499.