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6 useful tips to help finance long term healthcare

Date: 17 May 2024

1 minute read

Health truly is wealth.

But what happens when we need extra help in our later years? Long term healthcare can be expensive, especially where state support is limited and means-tested.

Rest assured; you are not alone. In this article, we share six useful tips and tricks that can help manage this burden to ensure a more fruitful later life. From saving and investing, to using equity release or insurance, these options can make a substantial difference.

The numbers…

Since 1980, the average UK life expectancy has increased by over eight years. This is a testament to the nation’s medical advancements, but does not come without its difficulties. One of note, is the financial toll a longer lifespan can have on both the individual and their families – particularly if finances are not in order.

The cost of residing in a care home is substantial. On average, it costs around £800 a week for a place in a care home – over £40,000 every single year. For those aged 65 to 69 in care homes, the average life expectancy is over six years, leading to a potential total cost exceeding £240,000.

And if we add the impact of inflation into the mix, costs can escalate even further, placing a significant burden on not only the individual, but families too.

Graph showing male and female life expectencies since 1980

Souce: ONS

Our 6 tips

Want to know more?

If you would like to learn more about how a financial planner can support your Long-Term Care planning, get in touch with one of our West Midlands Long Term Care specialists today.

Phone: 0121 752 8140


Sources of information:

  • Own knowledge CF8 CII
  • Government website
  • Money Helper
  • Age UK

The value of your investments and the income from them can fall and you may not recover what you invested.