Well, none of us are getting any younger. And the older we get the more we realise that there’s a chance we may need care in later life. I don’t suppose there are many who could have avoided all the recent media coverage of the difficulties within the Social Care system. The lack of money and resources together with a growing ageing population, it’s no wonder the State is struggling to provide. We all probably know just how expensive care can be and that if we have means-testable assets in excess of £23,250 then we are probably going to have to pay for most of our own care.
But what about those to whom it has already happened? Many of you reading this will have an elderly relative who is currently receiving care – either at home or in a care home. Maybe that’s why you know how expensive it can be. Some of you may even be acting on their behalf under an Enduring or Lasting Power of Attorney. Maybe the house has been sold and at the back of your mind is the concern that one day the money could run out.
Thankfully there is something that can be done. Immediate Care Plans are designed for just this situation. In return for a single premium the policy will provide a regular monthly tax-free sum to pay for care fees for as long as the insured requires care. The monthly benefit can be indexed to guard against care fees increasing each year and you can even include a capital protection option in case the insured unfortunately dies earlier than anticipated. The effect of this arrangement is one of capping the total cost of care, ensuring that care fees can be afforded for as long as necessary.
You may be worried that this could be you, either way, help is at hand. Speaking with an accredited member of the Society of Later Life Advisers (a consumer facing organisation dedicated to ensuring that high quality financial advice, can help all those at, or post retirement). An adviser can help you look through some options regarding your long term care planning needs. The problem of affording care need not be a burden for you to carry alone, there are organisations available to help share in this.
We will be hosting a seminar entitled long term care planning and Will writing on 4th May. If this is a subject that holds a particular interest to you then please email info@paulmurrayinvestments.co.uk. The seminar is free to attend, includes refreshments and a light lunch.