10 years ago 83% of people thought the NHS would cover most of their Long Term Care needs. Today long term care costs are soaring from 35k to 70k per year. This is the largest threat to many peoples legacies for their kids. Absolutely, considering a wealth manager’s role in your long-term care financial planning is crucial.
Here are five main questions, including the one about involving a wealth manager, for planning financially for long-term care in the UK:
1. What Type of Care Do I Anticipate Needing?
Determine the level of care you might require, whether it’s in-home care, assisted living, or residential nursing care. Different types of care have varying costs, so understanding your potential needs is crucial.
2. What Are the Associated Costs?
Research and estimate the costs of long-term care options in the UK. Consider factors such as accommodation, personal care, medical expenses, and any additional services you may need.
3. How Will I Fund Long-Term Care?
Evaluate your financial resources, including pensions, savings, investments, and other assets. Determine if these sources will cover the cost of care or if you need to explore additional funding options, such as insurance or government support.
4. Should I Consider Long-Term Care Insurance?
Explore the possibility of purchasing long-term care insurance. This type of insurance can help cover the costs associated with care services, providing you with financial security.
5. How Can a Wealth Manager Assist in Long-Term Care Planning?
Consider involving a wealth manager to help create a comprehensive financial plan for your long-term care needs. A wealth manager can assess your financial situation, recommend investment strategies, and help structure your assets to ensure you’re prepared for potential long-term care costs.
6. How Will Long-Term Care Impact My Estate and Legacy?
Consider the potential impact of long-term care costs on your estate and any assets you intend to leave behind. Understand how different financial decisions may affect your ability to pass on wealth to loved ones.
These questions, along with the involvement of a skilled wealth manager, can guide you in developing a well-rounded long-term care financial plan that addresses both your care needs and your broader financial goals in the UK.
Your Temple Row team has been qualified to give advice around Long Term Care for years. We understand that every plan is different but not having a plan can make things very challenging.
This is not specific financial advice, everyone has different goals, risks and capacity for loss. Before building your specific plan make sure you consult an adviser.
