Are you paying to have care, either in a care home or in your own home? How confident are you that your money won’t run out? Will you have to sell your own home to pay for care?
At this time of year families tend to get together, and it’s then we may realise a family member isn’t managing as well as we thought they were.
So often, the need for care comes suddenly and the first priority has to be where and how to provide care. However, don’t overlook the need to plan finances. If you are self-funding your savings may go down fast.
Too many people approach us for advice when the money is already running out, by which time it’s too late to do anything about it.
As soon as the right care is in place, that’s the time to make sure the ability to pay for it is guaranteed. If you can plan ahead, that’s even better. You may be eligible for Local Authority financial support, but if you’re not paying the bills, you may have less choice about where you are cared for. If you start out paying for your care, you risk that if the Local Authority step in later, they may not be prepared to pay the fees for where you are. What happens then?
This is a worry for some people, but with the right advice from a specialist financial adviser, you can plan your financial affairs so that your money will last as long as possible. It’s even possible in many cases to buy a guaranteed income for the rest of your life, which could remove the risk of the money running out.
Your adviser will consider the options, make sure you’re claiming the state funding you’re entitled to, and help you to understand how the care funding system works. Not all financial advisers are qualified in this area, so check your adviser is qualified to advise on Long Term Care planning, and preferably accredited by the Society of Later Life Advisers* (SOLLA).
Whether you are facing the prospect of needing care, have a loved one in hospital needing to sort out their next steps, or you’ve been settled in a care home for some time, make sure your money will last as long as possible. If you would like to discuss the above we do offer a free, without obligation consultation to discuss our advice process with you.