Broaching the topic must be done sensitively. But as a financial adviser, it’s important to know what resources are available as and when the need to discuss long-term care arises.
As the majority of my clients are approaching 55 or over, they’re keen to explore how they can achieve their retirement goals. This is what led me to the recent Canada Life Home Finance Long Term Care Workshop.
The workshop was run by Jon Dunckley, who’s clearly an expert in the long-term care sector and he explained the current national framework, patient rights and the challenges the market is facing.
There was also significant time for a question and answer session, with the presenter often answering questions through case studies, which certainly brought the issues to life for me.
One of the key things I learned on the course is the importance of planning to ensure clients are prepared, and not just from a financial perspective. Once a plan has been determined, we can address any financial shortfalls and I can then advise on where funds might be generated.
It’s also important to talk to clients about taking a holistic view of wealth including pensions, savings and property especially when it comes to the issue of care.
For many of those contemplating some of the challenges later life may bring, a significant part of their overall wealth is stored in their property.
Using lifetime mortgages to access this wealth can be beneficial for those looking at care solutions. These products can grant people the opportunity to make changes to their properties (subject to lender approvals), giving them the right facilities without the need to move.
Furthermore, by freeing up equity in their property, more people will be able to get the care they need in the homes they wish to stay in.
One thing is for sure, we need to get better at planning for our later years. And we should be resourceful with the help on hand and the wealth we’ve accumulated, wherever it lies.
There is a crucial and growing role for financial advisers to play here, and now that I better understand the long-term care sector and the resources available to my clients, I have greater confidence discussing care issues and potential solutions.