People who plan for their golden years may focus on funding the travel, hobbies and family time they hope will fill their early retirement. Fewer realise the full financial impact of those later years when they may need more hands-on help. That’s why it’s smart to educate yourself about long-term care and think about how you might pay for it, either now or in the future. The U.K. Department of Health states that someone turning 65 has a nearly 70% chance of needing some type of long-term care services and supports in their remaining years.

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Long-term care includes any kind of service you might need to help with your daily care over an extended period of time. That could include staying at a nursing home or assisted living facility or having an at-home aide to help with basic needs, like bathing, eating, dressing and taking medication.

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The biggest fear about funding long term care is that you’ll be forced to sell your home if you need to move into a care home.

In England if an individual has capital in excess of £23,250 (including the value of any home) they will have to pay for their own care (the thresholds for Northern Ireland are the same but are higher in Scotland and wales).