Recent research indicates that major illnesses may become more prevalent in the future, raising concerns about long-term financial implications.

A study conducted for over four years by the United Kingdom’s Health Foundation REAL Centre reveals a projection that by 2040, approximately 9.1 million individuals will be living with significant illnesses, an increase of 2.5 million compared to 2019. [1]

This analysis examined 20 health conditions and their anticipated prevalence changes. The findings suggest that 19 out of the 20 health conditions will affect more people by 2040, with a notable 30% rise expected in the number of individuals dealing with cancer, diabetes, and kidney disease.

While about 80% of this projected increase can be attributed to an aging population, other factors like obesity also contribute to this concerning trend. Although there are some promising trends, such as a decline in smoking rates and lower cholesterol levels, these improvements are outweighed by the overall rise in major illnesses. This research estimates that nearly one in five people will be managing a major illness in 2040, which could have significant implications for the National Health Service (NHS), care services, and household budgets. Faced with health challenges, taking proactive steps could offer peace of mind. Here are three key considerations:

Exploring Options

This increasing burden of major illnesses will place additional demand on all aspects of the NHS, particularly primary care. This could potentially lead to longer wait times for consultations and necessary tests.

For families concerned about health issues, long term care coverage can offer many benefits, including the peace of mind it will bring you and your family. It’s crucial to thoroughly understand the comprehensiveness of your insurance when comparing different options, and it is best to consult with a specialist.

Being Resilient

A major illness doesn’t only affect your health but can also have financial repercussions. Diagnosis may impact your income, potentially leading to time off work or early retirement so it is ever so essential to evaluate how your finances would cope with such a situation. If you plan properly, you can still receive a regular income or a lump sum in case of ill health, helping you meet essential expenses and maintain your long-term plans. Various types of financial protection are available, each with specific conditions and coverage levels. In any case, shopping around for the best option with the guidance of a trusted financial professional is the best thing you can do.

Consider Your Care Plan

The report highlights that an aging population will result in more individuals living with illnesses, leading to a growing need for support later in life. Planning for potential care needs now can offer you more choices and enhance your well-being. While it might feel morbid to contemplate on care services, outlining your preferences and earmarking some of your wealth for possible care costs can be a practical step to take in preparation for a healthy, happy future.

Let’s Talk About It

Given that November is National Long Term Care (LTC) Month and with InVestra’s commitment to women investors, we’re offering clients an opportunity to have a candid, open dialogue conversation with a Long Term Care Planning Specialist. Our mission is to equip you with knowledge, foster education and empowerment about the LTC market – and give you peace of mind during retirement.

By the end of the workshop you will:

  • Gain insight into the importance of long-term care planning in preserving your wealth.

  • Learn about the various options available for long-term care.

  • Understand the potential impact on your financial well-being and generational wealth.

To make sure this is an interactive and personalized experience, we only have limited spaces available, so register sooner rather than later!

Click Here To Register.

Important Disclosures:

The information provided here is for general knowledge and doesn’t constitute financial advice. This information is intended for retail clients. Also, remember that financial protection plans typically have no cash value at any time, and cover will cease at the end of the term. If premiums cease, the cover will lapse.

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