Caring Takes Many Forms — Your Financial Plan Should Too

How thoughtful planning can support carers, loved ones, and the future you want

Good Care Month is all about recognising and celebrating the people who care — whether it’s for a child with additional needs, a partner facing illness, or a parent in later life. Some are trained professionals. Many are unpaid family members doing their best each day.

Caring can be one of life’s most rewarding roles. But it can also be one of the most emotionally and financially demanding. And often, the challenges show up when we’re least prepared for them.

That’s why your financial plan shouldn’t just be about growing your wealth. It should support your real life — and caring is a reality for many of us, either now or in the future.

Why Care Planning Deserves a Place in Your Financial Life

Whether you’re receiving care, providing it, or simply thinking ahead, making it part of your financial plan gives you options, flexibility, and peace of mind.

Here’s how:

1. Reducing the Stress of the Unexpected

Sudden illness or a diagnosis can change everything overnight. Having a financial structure in place — whether that’s an emergency fund, suitable insurance, or legal documents like Powers of Attorney — makes it easier to focus on the person, not the paperwork.

2. Planning for Different Types of Care

Care isn’t just for older adults. It can include:

• Long-term support for a child or adult with disabilities

• Recovery support after illness or surgery

• Mental health care

• Ongoing support for chronic conditions

• End-of-life or palliative care

• Professional childcare for working parents

Each situation comes with different needs — and costs. A personalised plan can help you prepare for these with clarity and confidence.

3. Making Care More Affordable

Care, in any form, can be expensive. Your plan can explore:

• Whether insurance (such as critical illness cover or income protection) might help

• What government support or benefits may be available

• How to structure your assets to help cover the costs without putting other goals at risk

• Long-term strategies to support ongoing care needs for yourself or a loved one

4. Supporting Carers — Financially and Emotionally

If you’re caring for someone, it’s easy to put your own needs last. But your future matters too.

A values-based financial plan can help you:

• Stay on track with your own financial goals

• Manage changes to work or income

• Understand carer-related entitlements or allowances

• Reduce financial pressure so you can focus on the person you’re supporting

And it’s not just about numbers. It’s about feeling seen, supported, and not alone.

5. Bringing the Family Together

Caring often involves more than one person. A good financial plan helps open up conversations and coordinate support across the family — whether that’s organising funding, sharing responsibilities, or simply making sure everyone’s on the same page.

Financial Planning That Reflects Real Life

At Chesterton House, we know life doesn’t always go to plan. That’s why we help our clients create Financial Plans that aren’t just about spreadsheets — they’re about people.

Whether you’re:

• Thinking ahead to potential care needs

• Currently supporting a loved one

• Navigating an unexpected change in circumstances

• Or just wondering where to start…

…we’re here to help you get your entire financial house in order, so that when life takes a turn, you’re ready — practically, financially, and emotionally.

If you’d like to talk about how care planning could fit into your Financial Plan, get in touch for a relaxed, no-obligation chat with one of our qualified Financial Planners.

Your plan should work for your whole life — including the moments that matter most.

---

FAQs

Q: Can insurance help me pay for care?

A: Yes, in some cases. Insurance products like long-term care insurance or critical illness cover can provide funds to help pay for care if you need it later in life. Some people also use life insurance with early access options, or even income protection insurance if care needs arise during working life. The right cover depends on your circumstances — a financial planner can help you work out what fits best.

Q: How can I prepare financially for later life care?

A: The earlier you plan, the more options you’ll have. That might include building care costs into your retirement plan, reviewing insurance options, setting up powers of attorney, and thinking about how your assets (like property or pensions) could be used if needed. A well-thought-out financial plan gives you flexibility, choice, and peace of mind.

Q: What happens if I or a family member suddenly needs care?

A: If care is needed urgently, it can be both emotionally and financially stressful. That’s why planning ahead is key. Having a plan in place — including emergency funds, legal documents, and a clear understanding of how to access support — makes it easier to respond with confidence rather than panic.

Q: Do unpaid carers need a financial plan too?

A: Absolutely. If you’re an unpaid carer, it can have a big impact on your time, income, and long-term financial security — especially if you’re reducing paid work or dipping into savings. A financial plan can help you balance your responsibilities with your own needs and future goals, and identify any support you may be entitled to.

Q: Is there government support to help pay for care?

A: There can be, but it varies depending on your circumstances and where you live in the UK. Some people qualify for local authority support or NHS continuing healthcare, but others need to self-fund. A financial planner can help you understand the rules, what you might be eligible for, and how to make the most of your resources.

Q: Can financial planning help with care for younger people or children?

A: Yes. Care needs don’t only arise in later life — they can happen at any stage. Financial planning can help families prepare for the costs of caring for children with additional needs, navigating benefit entitlements, managing trusts, and securing long-term stability.