As we age, our healthcare needs tend to become more complex and expensive. Our ability to work and earn a stable income may decline, leaving us struggling to pay for healthcare expenses. This can be particularly challenging for those who need long-term or specialised care. Why should looking after yourself stop just because you have got older? Did you know you may be able to skip the lines at the doctors and go private with your health care, funded by cash from your home?
Equity release allows those over the age of 55, who own a property, to release the equity tied up in it without having to sell their home. This is typically done through a lifetime mortgage which allows individuals to access the value of their home as a lump sum or regular income.
Using equity release to fund private healthcare can be a viable option for those who are struggling to pay for their healthcare expenses or simply wish to have that extra care and attention as you get older. Here are some ways in which equity release can be used to fund private healthcare:
Paying for private medical treatment
Equity release can provide individuals with the funds they need to pay for private medical treatment. This can include anything from minor surgeries to long-term care in a nursing home.
Home adaptations
As we age, it can become increasingly difficult to get around our homes. Equity release can be used to fund adaptations to the home, such as installing a stairlift or a walk-in shower, to make it easier to live at home and avoid expensive care homes.
Care home fees
If you do need to move into a care home but wish for any other owners to remain in the property, equity release can help cover the costs of care home fees and allow them to remain in the property at the same time. This can be particularly useful for those homeowners who have limited savings and do not qualify for state funding.
Paying for carers
Equity release can also be used to pay for professional carers to come into the home and provide assistance with daily tasks such as cooking, cleaning, and personal care.
Equity release can be a useful tool for those who need to fund private healthcare expenses. However, it is important to carefully consider the risks and drawbacks before making a decision. By speaking to a broker and researching the various equity release products available, you can make an informed decision about whether equity release is the right option for you.
According to the Office for National Statistics, as fixed rate deals come to an end in 2023, over 1.4 million households are at risk of rolling onto their lenders Standard Variable Rate (SVR) and paying significantly more than they would if they didn’t look to remortgage onto a lower rate.
If that sounds like you, here’s our top tips on what to do next:
Find out the exact date your mortgage rate ends
Check your mortgage statement or give your lender a call to find out when you’ll move onto your SVR. You will also need to find out your outstanding balance and how long you have left on your total term when looking for a new deal.
Be proactive
Start looking around as early as possible to lock in any new rates. Most lenders allow you to do this up to six months in advance.
Find out the value of your property
If your property is worth more that when you bought it, your loan to value may have changed. This makes remortgaging even more important as the lower your Loan to Value, the better the rates you’ll potentially be able to access.
Speak to a broker
We know the market inside out and have access to exclusive rates you may not be able to find elsewhere.
Risk warning: Think carefully about securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it. You may be charged a fee for mortgage advice.
Income protection is a crucial aspect of personal finance that is often overlooked by many people. It is the process of securing your income in the event of unforeseen circumstances that may mean you are unable to work. These circumstances can include accidents, illnesses, or disabilities that prevent you from earning an income.
Income protection is important because it helps provide financial security for you and your family during difficult times. It allows you to continue paying bills and can help maintain your standard of living even if you are unable to work for an extended period of time. Here are some key reasons why income protection is so important:
Provides financial security
Without income protection, you are potentially vulnerable to financial instability if you are unable to work for an extended period due to illness, injury or disability and your employer does not provide full sick pay. If you do not have an emergency fund, you may not be able to cover your expenses, which can lead to accumulating debt, missed payments, and even foreclosure or eviction. Income protection can help provide you with a safety net, allowing you to maintain your standard of living while you focus on recovering.
Helps maintain your lifestyle
Income protection can help you maintain your lifestyle by providing you with a regular income that you can use to pay your bills and other expenses. This means you can continue to pay your rent or mortgage, buy groceries, and cover other essentials. This is especially important if you have dependents who rely on your income.
Reduces stress
When you are unable to work due to illness or injury, it can be a stressful and overwhelming time. Income protection can alleviate some of this stress by providing you with a financial safety net. This allows you to focus on your recovery and rehabilitation without worrying about your finances.
Can cover more than just physical disabilities
Income protection can also cover mental health conditions and other non-physical disabilities that may prevent you from working. For example, if you experience severe anxiety or depression that prevents you from working, income protection can provide you with financial support.
Can be customised to your needs
Income protection policies can be customised to your individual needs, providing you with the flexibility to choose the coverage that suits you best. You can choose the amount of coverage you need, the length of time you want to be covered, and other options to tailor the policy to your specific circumstances.
Income protection is a crucial component that can provide you with financial security and peace of mind during difficult times. By securing your income in the event of an unforeseen circumstance, you can maintain your lifestyle and focus on your recovery without worrying about your finances. It is important to consider income protection when creating a financial plan and to consult with a broker to determine the most suitable coverage for your needs.
When it comes to home insurance, there are a lot of misconceptions that can lead homeowners to make uninformed decisions about their coverage. Let’s take a closer look at some of these myths and set the record straight:
Myth #1: Home insurance is only necessary if you own a house.
Even if you don’t own your home, you still have valuable belongings that need protection, and liability coverage in case someone is injured while in your home.
Myth #2: All natural disasters are covered under home insurance.
While most home insurance policies cover damage from common natural disasters like lightning strikes and windstorms, not all policies include coverage for floods or earthquakes. If you live in an area prone to these types of disasters, you may need to purchase additional coverage.
Myth #3: Home insurance covers all of your personal belongings.
While your home insurance policy will likely cover your personal belongings, there are limits to how much coverage you’ll receive. If you have high-value items you may need to purchase additional coverage to fully protect them.
Myth #4: Home insurance covers damage caused by termites and other pests.
Most home insurance policies do not cover damage caused by pests like termites, rodents, or bed bugs. It’s important to take preventative measures to protect your home against these pests and to have regular inspections to catch any damage before it becomes severe.
Myth #5: Home insurance premiums are set in stone and cannot be changed.
Your home insurance premium can change based on a variety of factors including changes to your home, changes to your credit score, and changes in the market. It’s important to review your policy regularly and shop around to make sure you’re getting the most suitable deal.
Myth #6: Home insurance is too expensive for most people to afford.
While home insurance can be expensive, there are ways to save money on your policy. You can bundle your home and car insurance, and install safety features like a home security system or smoke detectors to lower your premium.
By understanding these common myths about home insurance, you can make informed decisions about your coverage and ensure that you have the protection you need to keep your home and belongings safe. It’s always a good idea to review your policy regularly and talk to a broker if you have any questions or concerns.
We all know that the NHS is a vital safety net for people who need medical treatment. However, in some cases, public health care may not provide the level of care that you need, or the wait times for treatment may be too long. In these situations, private medical insurance can be an excellent option. Private medical insurance (PMI) is a type of insurance policy that can help cover the cost of medical treatment in private hospitals and clinics. Here’s just some of the benefits of taking out private medical insurance:
Faster access to treatment
One of the most significant benefits of PMI can be faster access to treatment. With PMI, you can often skip the long wait times that are common in public health care systems. This is because you can choose cover that allows you to be treated in a private hospital or clinic that has shorter wait times. This can be especially beneficial if you need treatment for a serious condition, as timely treatment can be critical to your recovery.
Greater choice of treatment options
Another benefit of PMI is the greater choice of treatment options. With PMI, you can choose to have cover that lets you decide where you want to be treated and by whom. This means that you can choose a hospital or clinic that specialises in the treatment of your particular condition, and you can choose a doctor who has experience treating patients with your condition. This can increase your chances of getting the best possible treatment and achieving the best possible outcome.
Access to experimental treatments
PMI could also give you access to experimental treatments that may not be available through public health care systems. These treatments may be in the form of new drugs, therapies, or procedures that are still being tested. If you have a serious or rare condition, these experimental treatments may be your best chance for a cure or a significant improvement in your condition.
Peace of mind
Another benefit of PMI is peace of mind. Knowing that you have access to high-quality medical treatment when you need it can be very reassuring. It can help reduce your stress levels and allow you to focus on your recovery. It can also give you and your family members peace of mind, knowing that you are covered in case of a medical emergency.
Cost savings
While PMI does come with a cost, it can also save you money in the long run. Private medical treatment can be expensive, especially if you need to pay for it out of pocket. With PMI, you can avoid these high costs and pay a monthly premium instead.
Private medical insurance can be a valuable investment for anyone who wants to ensure that they have access to high-quality medical treatment when they need it. The benefits of PMI include faster access to treatment, greater choice of treatment options, access to experimental treatments, peace of mind, and potential cost savings. If you are considering PMI, be sure to research your options carefully and choose a policy that meets your needs and budget.
Going on holiday is an excellent way to unwind, relax and create lasting memories with loved ones. However, the costs associated with a holiday can add up quickly, making it a challenging experience for those on a tight budget. Fortunately, there are several ways to save money on holiday without sacrificing the quality of your trip. Here are some tips to help you plan your next holiday while staying within your budget:
Plan ahead
One of the most effective ways to save money on holiday is by planning ahead. Book your flights, accommodations, and activities well in advance to take advantage of early bird discounts and promotions. You can also use price comparison websites to find the best deals on flights, hotels, and car rentals.
Travel during off-peak seasons
Travelling during off-peak seasons can save you a considerable amount of money on flights and accommodations. Not only will you avoid the crowds and long queues, but you can also take advantage of discounted rates during these quieter periods.
Use public transport
Instead of renting a car or taking taxis, consider using public transport to get around. This is not only a cost-effective option, but it also allows you to immerse yourself in the local culture and experience your destination like a local.
Stay in self-catering accommodation
Staying in self-catering accommodation, such as apartments or villas, can save you a significant amount of money on food and dining expenses. You can cook your meals, pack picnic lunches and enjoy a relaxed breakfast in your own time.
Eat like a local
Eating out can be one of the most significant expenses when on holiday. However, you can save money by eating like a local. Visit street markets, local cafes and food trucks to enjoy authentic and affordable cuisine.
Avoid tourist traps
Tourist traps can be a significant drain on your finances. Do your research before your travel to identify these traps and avoid them. Look for free activities and attractions, such as museums, parks, and art galleries.
Take advantage of discounts and coupons
Take advantage of discounts and coupons for activities, attractions and even transportation. Check online for any discounts or coupons available before your trip and save them to your phone or print them out.
Set a budget
Setting a budget for your trip is essential to ensure that you don't overspend. Create a daily budget for food, transportation, and activities, and stick to it. This will help you to avoid overspending and ensure that you have enough money for the duration of your trip.
Saving money on holiday is possible with careful planning and a bit of research. By following the above tips, you can enjoy your holiday without breaking the bank. Remember, the key is to plan ahead, travel off-peak, and look for affordable options for transportation, accommodations, and dining. Happy travels
