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Later Life Advice & Asset Protection

 

REDUCING THE COST OF LONGEVITY

For Later Life and Long Term Care advice we act as introducers.

Long term care is a hot news topic at the moment, with the government looking into how much individuals should be expected to contribute towards their own care should they need it, and how much should be funded by the state or local authority. Long term care means the provision of services to help an individual, often a senior citizen, with a chronic illness or disability who cannot care for themselves or who needs some level of assistance with daily practical matters such as eating, washing and dressing. This kind of care can be given at the person’s own home or in a nursing or residential home, according to the needs of the individual.

Funding for long term care is not straightforward, and there are several different ways it can be paid for.  Depending on the type of illness and your financial situation, long term care may be completely or partly-funded by the NHS or your local authority. To make sure you qualify, your financial means will be assessed, with your income, savings, pension and value of your property all taken into account.

Should you not qualify for funding, you would currently be expected to fund long term care entirely by yourself, so it’s a good idea to think about how you would manage this. Long term care can be paid for out of your income, or assets,for example by releasing equity for your home, or selling your home. Alternatively, you may wish to protect your assets and any inheritance you would like to leave your family, by taking out long term care insurance. Talking to an IFA or financial adviser can help you plan ahead and prepare for this, and help you choose an insurance scheme which is the most cost effective for you.

With the government currently responding to the Dilnot report on reforms to the funding of adult social care, this is an area that may be subject to change over the coming months or years. Once it becomes clearer what the government’s own proposals will be, it’s highly likely that insurance companies will start to offer new schemes to help people plan and prepare for their future. Your financial adviser who specialises in long term care will be able to advise you on latest developments and what is best for you.

Home reversion plans and lifetime mortgages are complex products.  To understand the features and risks, ask for a personalised illustration.

For equity release we can be paid by commission, or a fee of usually £600 or a combination of both.

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For a confidential chat call Mike Oliver direct on 01444 449222

The Later Life Academy

The Society of Later Life Advisers

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