Long-term care: Preparing for the future
Funding for care is an important reason for a client to seek your help. Care costs can deplete a client’s estate and undo a lifetime’s work of savings.
The most valuable part of the care advice process to a client can be the guidance they receive prior to putting the financial plan in place, but this can be time-consuming if you’re unfamiliar with the care system. We’ve created some useful documents to help you navigate your clients through the complexities of the social care system.
There are around 416,000 people aged over 65 living in care homes. According to a recent study, demand for care home places will almost double within the next 20 years. Furthermore, care at home is provided to more than 350,000 older people each year.
The rise in life expectancy is one of society’s greatest achievements of the last century, but the extra years are not always spent in good health. Generally, both sexes can expect to spend part of their years after age 65 in poorer health. This may not always lead to a need for care, but it is indicative of an increasing demand for care services.
Unless the way care is funded in the UK is changed, many people will continue to pay for their own care. Convincing clients to address these issues can be difficult. There are a number of behavioural biases that can act as barriers but if clients don’t engage with this subject before care is required, mental impairment may complicate matters.
These pages will equip you to carry out productive conversations on this important subject with clients, before it’s too late.