Long Term Care Planning, helping you plan ahead for your future.
Although we associate being elderly as when we require long-term care, you could require it any stage of life. Regardless of life stage, you may be wondering how to fund your own long-term care. The answer? Long term care planning.
The weekly costs can really start to mount up, particularly if 24-hour residential support is required. However, there are many options for funding your long term care cost which Milestone Financial Planning can explore on your behalf.
Our expert team will help identify your best options for funding long term care and whether you are entitled to any help from the NHS or your Local Authority. We can also ensure there is money left for your children to inherit.
If you’d like to find out more, get in touch with our expert team for an initial no fee, no obligation meeting.
Where does the funding come from?
If you are eligible for long term care, the local authority will firstly carry out a financial assessment to determine how much the cost of care will be. They will then be able to determine, based on factors such as your income and assets (including savings), how much you will have to contribute towards your care.
In the case where you have to pay for some of your care, there are a few options available to fund this. The first circumstance is that you will have to fund the full amount of your long term care, meaning you are not entitled to funding from the NHS or local authority. If this is the case, you will need to consider how you will afford to pay for your long term care.
The other alternative is that you may qualify for benefits which will help with the cost, whether it is attendance allowance, disability living allowance or personal independence payments. If you are unsure as to whether you qualify, or need guidance as to how to find out, our team here at Milestone Financial Planning can help.
Get advice from professionals
If you need more information or advice on long term care planning and insurance, our professional team are always on hand to help. Give us a call today on 01246 903053 to discuss your options.
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Book an appointment for a financial review or to meet with one of our experienced financial planning advisors to see if you are on track to reach your financial goals and to learn what we can do for you.