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Saving for long-term care

As the population grows older, the demand for care in old age is increasing. Long-term care can be very expensive and while the government can provide some help, it is often not enough to pay for the full cost of care. Therefore, saving for long-term care is a good idea, and our advisers are here to help you put plans in place.
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Financial planning for long-term care has never been more important

There are plenty of people out there in the unfortunate position of having to sell their home to pay for care, either for themselves or for a loved one. Arranging care is an emotional and stressful time, and not having the means to be able to afford it can then become overwhelming. We also don’t want any of our clients to be in a position where they have to use assets they have built up over a lifetime on care fees. Long-term care has never been more important, due to us all living longer. We put great emphasis on financial planning for long term care, to ensure that funding it does not erode your family’s legacy, you don’t run out of money, or have to rely on the local authority to fund your or your family’s care.

Specialist qualifications for long-term care financial advisers

The first thing you should do to prepare for long-term care costs is to seek advice from professional financial advisers. Unividual has qualified long-term care advisers who hold the required CII Long Term Care Insurance qualification. They will look at your anticipated level of care needs, what state support you might get, your assets liable for capital gains tax, liabilities that could reduce the value of your estate and much more. From there, they will establish the best and most affordable way of paying for long-term care, suitable for your needs, and compatible with your attitude to risk and financial priorities.

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How long-term care planning works

Immediate care plans pay out a guaranteed income for life to help cover the cost of your care fees, in exchange for a one-off lump sum payment. You can also choose to buy a deferred care plan, which pays out after a few months or years, and you can agree on a fixed period of time for your care. You could also use your pension to buy an enhanced annuity, where you get a higher regular income from your pension because your life expectancy is shortened, which can help pay for long-term care costs. Another option is equity release, which allows you to free up capital from the value of your home that you can use as tax-free cash to pay for care. There are a lot of different complex options and your situation is completely unique, so when giving long term care financial advice, we will take the time to map out the best bespoke process for you.

Worried you can't afford it?

If you are worried about how you might go about paying for long-term care, you need to get in touch. Talking about money and finance, and how it impacts on your family, is scary stuff. Our financial advisers have the empathy and heart to listen to what you are going through. The hardest part is picking up the phone, so find an adviser and get in touch with us today.

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Equity release will reduce the value of your estate and can affect your eligibility for means tested benefits.

Estate Planning & Legacy Planning are not regulated by the Financial Conduct Authority.

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