Long Term Care
Long-term care provision (LTC) has steadily become a national issue over the past 50 years, primarily due to the success of medical advances, and more particularly the NHS
It is apparent to all that the post-war baby boom is getting older, and that in the not too distant future, there will be a lower proportion of the population ‘in work’ to fund the services required by retirees.
We have many customers that are happy to leave LTC to chance, hoping that they have protected their wealth, or indeed having insufficient assets for this to be a worry. Equally, we have a number of customers that ‘wish to arrange their own affairs’ and receive the type of care, or go into a home of their choice, if and when that time comes. For these customers there are LTC products that for a (usually large) lump sum, will regularly pay the required sum for care throughout the remainder of the individuals’ life. The objective being to ensure that the money does not ‘run out’ and to protect the remainder of the person’s assets from being used to pay for care. Essentially, these products go a long way to guaranteeing any inheritance does not get eroded beyond certain levels.
Whilst simple in their make-up, such LTC products require very careful consideration with unbiased and independent expert advice to allow an understanding of state provision and means testing practices prevailing in this area.
If this is an issue which you wish to discuss, either for yourself or loved ones, please feel free to call, email or come and see us in our office.