Advice on planning to meet your care costs.
It's never too early to start planning for your future care needs.
Our top ten things to think about will help you to plan your future care, even if you don't need support at the moment.
Not everybody gets funding from the council. Even if you do, the amount you get may not be enough to completely cover the cost of your care. If this happens you will need to think about how you are going to pay towards your care costs or even pay for it all yourself.
You will need to pay for your own long-term care if;
- you do not meet the eligibility criteria for council services
- you need to contribute towards the cost of your care
- you want to enhance the care you are receiving
Few people will be able to pay for long-term care from their pension or other regular income. Depending on the value of your savings, assets and income, you may have to pay for some or all of your care.
Benefits
Check which benefits you are entitled to before you do anything.
Funding from the NHS
Free NHS continuing healthcare may be available if you have a disability or complex medical problem.
It's never too early to start planning for your future care needs.
Our top ten of things to think about will help you to plan your future care, even if you don't need support at the moment.
You may want to consider getting impartial advice when choosing how to finance your long-term care. The council is not able to recommend financial advisers or give financial advice.
Free information and advice
The
Money Advice Service (opens in a new window)
gives a range of information that can help you. Most people don't need to pay for financial advice.
Paying for advice
You may want to consider paying for advice from an independent regulated financial adviser if;
- you want to talk to someone who specialises in funding long-term care
- you have a lot of savings and are thinking about making investments
- you worry that someone close to you may put pressure on you to use your money in a way you would not want
Some independent regulated financial advisers can provide advice on the funding of long-term care. They will be able to explain all the costs and risks involved, and should also be able to help with other things, like arranging your will or Power of Attorney.
There are some regulated financial advisers who specialise in care funding advice. They are often called specialist care-fee advisers.
Specialist care-fee advisers can help you to think about your options when paying for your long-term care. They are regulated by the Financial Conduct Authority (FCA) and they may be accredited members of the Society of Later Life Advisers (SOLLA).
What your adviser needs to know
Your specialist care-fee adviser will ask you questions so they can understand your needs and circumstances. They will put any recommendations in writing. They may ask you questions about;
- your level of care needs and the attitude of your family
- current and future care needs
- your current income (including unearned income) and benefits
- your marital status
- the location of your family and friends
- your assets, in particular shares or other investments liable for Capital Gains Tax
- your property ownership
- commitments that could reduce the value of your assets or your estate
- your attitude towards risk
- the potential cost of nursing care or the care home you have chosen
Finding an adviser
The council is not able to recommend financial advisers or give financial advice. You may already have an independent financial adviser or know someone who can recommend one to you.
The Society of Later Life Advisers (known as SOLLA) can help you to find an adviser in your area who is qualified to offer independent advice and who specialises in financing long-term care and equity release.
Some advisers are members of the
Buy with Confidence (opens in a new window) scheme which means they are approved by Trading Standards as being legal, honest and fair.
Cost of an adviser
The cost of an adviser depends on where you live, your situation and the level of advice you need.
In some cases you could pay between £75 and £250 an hour for their services. It's important to make sure you ask up-front how much their advice is going to cost, and whether it's a fixed fee, or based on the time they spend working for you.
