Financing accommodation and care
Long term care provision is a topical subject these days and with good reason.
Information provided by the Association of British Insurers makes for some sobering reading and suggests that the topic will become even more prevalent in the years ahead:
- Over the course of the next 50 years it is expected that the amount of people in the age group 65-84 will rise by approximately 41%. This suggests an additional 3.31 million people will fall within this bracket.
- Both men and women, on average, now live around 7 years longer than they did 40 years ago.
- At the moment, there are around 420,000 adults living in residential care homes.
- Figures suggest that around 750,000 people in the UK are suffering from some form of dementia and this is expected to rise to around 1.5 million by 2050.
With these statistics in mind, it's important to think about how you might fund care if you need it in the future. When care is needed, costs are brought sharply into focus, and it is possible to structure your finances in a way which provides you and your family with peace of mind.
