Long-Term Care
The possibility of needing long-term care is something that many prefer not to think about. However, planning for this eventuality is one of the most important financial decisions you can make in your life. Long-term care costs can be particularly high, with the financial burden inflicted not just on you but your family.
At PFM Associates, we can help you prepare for potential care needs whilst preserving and protecting your wealth, and giving you and your family complete peace of mind. Whilst you’re still healthy and aware of your many options, we can help you plan ahead and arrange solutions that can cover the costs of residential or nursing home fees, minimising expenses and stresses for you and your loved ones.
Qualified Long-Term Care Planning
PFM Associates’ Chartered financial planners in Poole, Dorset, can help you understand:
- Self-funding care options
- Local Authority (LA) support
- Insurance solutions and products
With access to the whole of the market, we can pursue solutions that will give you maximum choice, control and financial security, depending on your assets, risk profile, health and future care requirements.
For many of our clients, their home represents their largest asset, but it can be put at risk if care is needed.
Our care planning advisers can help you understand and leverage:
- Deprivation of assets rules
- Trust structures and planning
- Lifetime mortgages
- Spousal protection
- Family involvement
- Inheritance planning
We will help you understand what you can and cannot do with your property and funds before care is needed. Our aim is to make sure you carefully consider care funding options so that it doesn’t affect any of your long-term plans, which may include leaving assets to your children, remaining in your home, and guaranteeing income to cover care fees.
The earlier you plan for potential care needs, the more options you have available. Having a plan in place removes uncertainty and allows you to enjoy retirement without worry.
What our clients say
Our Care Planning Services in Poole
We don’t believe in one-size-fits-all solutions for care planning. Our approach considers:
- Your current health and family medical history
- Your existing assets and financial position
- Your preferences for care and independence
- Your family circumstances and wishes
- Tax implications of different strategies
Care planning works best when coordinated with your overall financial plan. We ensure your care planning strategy aligns with your retirement planning, inheritance tax planning, and investment strategy. We work closely with specialist care funding advisers, solicitors, and other professionals to ensure you receive the best possible advice for your unique position. We will also regularly review and consult with you about your care planning strategy to ensure it remains appropriate for your circumstances, health and risk profile as they change.
Contact our Chartered financial planners for a confidential discussion about care planning strategies that protect your independence and preserve your wealth for your family
Why work with us?
There are many reasons why over 2,000 people in Dorset, Hampshire and the South have chosen us to help them on their financial journey.
Be advised that the Financial Conduct Authority do not regulate tax or estate planning.
FAQS - Long-Term Care
Long-term care insurance helps pay for care services when you can’t perform daily activities independently due to illness, disability, or cognitive impairment. Coverage typically includes home care, day care centres, assisted living facilities, and nursing homes, depending on your policy terms.
Ideally, start planning in your 50s when you’re healthy and premiums are lower. However, it’s worth considering at any age. The earlier you plan, the more options you have and the lower the costs. Waiting until care is needed severely limits your options.
Care home costs vary significantly by location and level of care required. According to industry data, care home fees typically range from £600 to over £1,200 per week, with costs in London and the South East generally higher. Home care typically costs £15-£30+ per hour, and these costs tend to increase annually above the rate of inflation.
Source: https://localcarehomes.co.uk/care-home-fees-and-costs-how-much-do-you-pay/
Alternatives include self-funding through savings and investments, immediate care annuities purchased when care is needed, equity release from property, deferred payment agreements with local authorities, or relying on family support and means-tested state benefits. Each option has different costs, benefits, and risks that should be carefully evaluated with your financial advisor.
The NHS provides free healthcare but not social care. Local authorities provide means-tested financial support for care, but, in England, you’ll need to contribute if your assets (including property – except your main residence whilst defined people such as your spouse are still living there) exceed £23,250. Those with assets below £14,250 may receive full support. The system is complex, and our professional advice can help you understand your options.
Using equity in your home will affect the amount you are able to leave as an inheritance. Any means tested state benefits (both current and future) may be affected by any equity released. This is a lifetime mortgage – to understand the features and risks, ask for a personalised illustration.
The value of your investments can go down as well as up, so you could get back less than you invested. Please note, the information provided on this page is for informational purposes only and does not constitute advice.
Ready to start your journey?
If you have any questions or would like to organise a no-obligation consultation at our expense, please complete this form.