What is long-term care (LTC)? Is this a different policy that I should buy?
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What are the best plans for someone that is approaching his 60s?
pokerGURU
1 year ago
Expert Financial Adviser Answer
Darren Smith
answered 1 year ago
long term care is designed to cover the cost of care in old age and is usually associated with people that need care either in their own home or who have decided to move into nursing care.
although in the past it has been possible to pre-fund (to buy your care before you actually need it) most people have ended up buying/funding their care once the need has arisen.
however, given that the coalition government announced a wholesale review of the funding issues that surround longterm care, it wouldnt be wise to rush into making a decision now.
i would suggest that you contact an IFA for further assistance but you will need to ensure that they have passed exam CF8 or similar as it will demonstrate their awareness of the issues that surround care-fee planning and how state benefits interact with them.
it is a specialised area and that is why when i have seen clients for these types of needs, sometimes it can be of benefit to all parties for family members to become involved in the planning process.
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although in the past it has been possible to pre-fund (to buy your care before you actually need it) most people have ended up buying/funding their care once the need has arisen.
however, given that the coalition government announced a wholesale review of the funding issues that surround longterm care, it wouldnt be wise to rush into making a decision now.
i would suggest that you contact an IFA for further assistance but you will need to ensure that they have passed exam CF8 or similar as it will demonstrate their awareness of the issues that surround care-fee planning and how state benefits interact with them.
it is a specialised area and that is why when i have seen clients for these types of needs, sometimes it can be of benefit to all parties for family members to become involved in the planning process.
Expert Financial Adviser Answer
Paul Ross DipPFS CII(MP&ER)
answered 1 year ago
Having just passed the CF8 exam, and deciding to understand what I was working with, I have researched for these type of products, I can certainly tell you that the marketplace is exteremely limited in this area. It is a good idea to think about it, and discuss this with a suitable adviser as you need to know all the facts, including grants, state benefits and how your accumulated capital will affect you. For what you want to do, (i.e. pre fund care) there appears to be only one provider who may be able to help you.
I see Darren has mentioned that the coalition Government were doing a review on this area, but I can't see any initiatives or handouts, given that their goal is to cut spending.
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I see Darren has mentioned that the coalition Government were doing a review on this area, but I can't see any initiatives or handouts, given that their goal is to cut spending.
