While it might not be the most pleasant thing to think about, it is possible that you will need some form of care in the future.

To make sure that you get the care you want, you will need to make plans ahead of time. And, the earlier you do so, the better.

Research has shown an alignment in attitude toward care from both older people and their families.  As 94% of over-70s want to look after their own care needs for as long as possible, before transitioning into care provided by professionals rather than family members.

This is likely to be well-received by those family members, as the research reveals that those with older relatives fear that they will not be able to provide an adequate level of care due to:

  • Time (56%)
  • Living too far away (45%)
  • Money (51%)

(All statistics from Anchor)

Of course, some families may be equipped to take care of relatives and that may be an arrangement which suits you perfectly, in which case, we urge you to contact us to discuss a way to plan for that.

However, many will need to access care from other sources, and, as such, we will be focusing on planning for that eventuality, though many of these steps will be relevant to anybody planning their care.

Preparing to access care

There are several steps you will need to take to ensure that you are on track to access the right care for you and your family:

1. Know what you want

You may have an idea of what your future care will look like, but now is the time to delve deeper into that vision. Determine exactly what you want from later life care and research the options available to deliver it.

Of course, there are some unknowns at play here, as the future is uncertain as health issues can be unexpected. However, knowing how you want your later years to play out; including whether you want to stay at home, or move into specialist accommodation, will help you to create a more detailed plan and arrange your finances accordingly.

2. Talk to your loved ones

Letting important people know what you want to happen in later life is a vital part of making sure that you get the care you want. Talking to your family, close friends and spouse or partner about how you feel about care, will not only make them feel included in the situation, it will also be easier for them to support you in accessing it when needed.

Involving loved ones in your decisions also ensures that they know how you feel and that they are better prepared to make decisions on your behalf, should they need to.

3. Arrange Lasting Power of Attorney

You can appoint individuals with LPA to make two types of decision; healthcare and financial.

Someone with LPA may need to step in to make decisions for you on a temporary, or permanent basis, when you are unable to answer questions. This may be because you are physically unable, for example, during a medical procedure when you are unconscious, or due to mental incapacity.

Making sure that you get the care you want will depend on both the healthcare and financial decisions made on your behalf, so appointing someone who will reflect your wishes is important.

You can find out more information and appoint Lasting Power of Attorney online by clicking here. However, we suggest waiting until you have a fully-formed financial plan and have discussed your intentions with those you intend to authorise.

4. Account for costs

Unfortunately, getting the level of care you want is hardly ever cheap. Even less so if you have specific needs or require specialist services, equipment or adjustments. This will need to be factored into your financial plan and discussed with anyone who may need to make decisions on your behalf.

Research from UK Care guide has shown that the average cost of care has recently risen above £1,000 per week. That may mean that more of your retirement income will be taken up in care fees than expected. This is especially true if you do not expect to need care for 10 or even 20 years, as the average cost will have increased by then.

5. Involve your financial planner

Financial planners can help you to make arrangements for every stage of life. That means that we can help you to put a plan in place which will see you enjoy the retirement lifestyle you want, as well as transitioning smoothly into later life care which ensures that you are comfortable and looked after in a way which suits you.

Life is highly unpredictable and while it is well and good to plan to be retired for 20 years before needing care, it won’t always play out that way. Therefore, we ensure that your plan is flexible enough to support your wishes, regardless of the length of your retirement and how much of it includes the need for care.

Further preparations

Once you have a plan in place and have informed those closest to you of your feelings, you need to make sure everything is organised around your plan.

That will include making or updating your will and ensuring that it reflects your wishes.

Once you have done this, ideally including your financial planner in the process to make sure everything lines up, please put it somewhere where your loved ones will be able to access it, when it is needed. Furthermore, it may be beneficial if you keep all documentation relating to your care plans, finances, LPA and identification with it.

For more information, or to begin putting the pieces of your financial plan together, please get in touch with us on 01664 77 88 99.