Is care leaving you confused?
Posted on Oct 10, 2019
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While we are living longer as a population, unfortunately we won’t all enjoy good health as we age. According to a study published in the Lancet Public Health journal, the number of people aged 85 and over needing 24-hour care is set to double, while the number of 65-year olds needing round the clock care is set to rise by a third.
The modelling study, carried out by Newcastle University and the London School of Economics and Political Science, highlighted the fact that the fastest growing demographic in the UK is elderly people over 85, whose numbers are projected to more than double by 2035, increasing by 1.5 million. Of these, many will develop multiple long-term health conditions, such as dementia and diabetes, leading to increasingly complex care needs.
The truth is that while many of us recognise that sorting out our finances for our latter years is sensible, few of us want to really consider how we will pay for long term care. In fact, a recent report from Canada Life revealed 24 per cent of people don’t know how they would pay for any future long term care needs, compared with 18 per cent in 2016.
At The Goodman Partnership – independent financial adviser Tunbridge Wells – one of our objectives is to help our clients to find a way to meet the cost of care fees so that they can always receive the care they require in the place of their choice, without worrying about running out of money. Of course, this isn't always possible but there are certain steps that can be taken to make your capital go further.
Your financial arrangements can be organised in a variety of ways and often the best approach can be to use a combination of options. In many cases people express a desire to leave an inheritance to their loved ones as well as being able to pay for their care for the rest of their lives. We’ll always take this into account when considering the options and will ensure that the arrangements are simple to administer and tax efficient.
The UK care system is notoriously complicated and there’s much confusion around what financial assistance is and isn’t available. We will explain in plain English the rules that are relevant to your own situation and ensure that you're receiving the benefits you're entitled to receive.
You can rest assured that you will receive the very best advice, as both Neil Whitaker and Andy Kirk have attained the Society of Later Life Advisers (SOLLA) Later Life Accreditation and are proud to be full members of SOLLA. This is a not for profit organisation which aims to assist consumers and their families in finding trusted accredited financial advisers who understand financial needs in later life.
At The Goodman Partnership, we’ll make you aware of the various options, explaining clearly how they work and help you to reach an informed decision that you feel happy with.
Visit our "Financial Advice for Care Fees" page to find out more.