There is a wide range of different savings and investment products available that can help to reach your financial goals in planning for your child’s educational future. At Bigmores we look at your individual circumstances and can set out a plan to use a lump sum or pay in on a regular basis in as tax efficient manner as possible.
Flexibility is likely to be a key component in the planning process, but you will need to think about the level of investment risk you are comfortable with as well as the time scales before the fund will need to be accessed.
Long term care insurance provides the financial support you need if you have to pay for care assistance for yourself or a loved one. Long term care insurance can cover the cost of assistance for those who need help to perform the basic activities of daily life such as getting out of bed, dressing, washing and going to the toilet.
The cost of care is rising fast, with limited care home availability and people living longer, long term care fees can become a life changing issue. You can receive long term care in your own home or in residential or nursing homes. Regardless of where you receive care, paying for care in old age is a growing issue.
TYPES OF LONG TERM CARE PLANS
Immediate needs annuities
These are designed to pay a guaranteed level of income in exchange for a lump sum payment. They have specific tax advantages if they are paid directly to a care provider.
Pre-funded care plans
These policies were designed to give you the option of insuring for future care needs before they develop. With the rising and erratic costs of care coupled with the sensitive nature of the insurance, most insurers have pulled out of the market.
You can use your pension to buy an enhanced annuity (also known as an impaired life annuity) if you have a health problem, a long-term illness, if you are overweight or if you smoke. Annuity providers use full medical underwriting to get a more accurate individual price. People with medical conditions including Parkinson’s disease and multiple sclerosis, or those who have had a major organ transplant are likely to be eligible for an enhanced annuity. These annuities will pay a higher level of income due to the shorter related life expectancy.
when planning your future care needs think about
- Who (in your family) most needs long term care and for how long
- Whether you need a care plan now
- Whether you should be planning ahead for yourself or a loved one
- Whether you have the money to pay for long term care
- How long you might need to pay for a care plan
- Whether home care or a nursing home is required
- What kinds of things would be required of the help. For example, help with dressing, using the toilet, feeding or mobility
- Whether you find that your home requires additional features such as a stair lift, an opening and closing bath or a bath chair, and / or home help