Funding later life care

Whilst visiting our elderly relatives, neighbours and checking on them during the cold winter months it is imperative to look out for any vulnerabilities and signs of extra care they may need.

You might initially think about obvious needs like medical requirements and what additional care or support might be required, either at home or in a nursing home. However, it’s just as important to consider their legal and financial needs too.

This article will take a look at some of the decisions you, or they, may face and how professional advice can ensure they are taken from a well-informed position.

Obtain Professional Advice

The whole journey of considering and choosing the right type of care can be an overwhelming and sensitive time and may result in impulse decisions being made. Whatever the lifetime care needs are, it is crucial that either you, your loved one, or an appointed attorney obtains professional advice from advisers who understand the care system. Specialists in ‘Later Life’ advice will help the correct decisions be made by drawing on the in-depth knowledge they have, with consideration to all the options available, some of which you, or your loved one, may not be aware of.

The cost of care and whether a person is deemed a self-funder can be a deciding factor in which care home or type of care is chosen and speaking to a Care Fees Specialist will help clarify the available options.

No two people’s circumstances are the same – not everyone owns their own home, some have more assets or capital than others and people living alone sometimes sell their homes to pay for their care. The options depend completely on an individual’s circumstances which is why it’s important to take professional advice before making any decisions.

Sadly, there are many cases of homes being sold to help pay for care, but when that money has depleted and the threshold of £23,250 has been reached, the resident has been forced to turn to the Local Authority for further funding in order to for care to continue. Taking advice in the early stages of considering residential care can ensure the most appropriate decisions are reached.

Demystifying Complex Areas

A Later Life Specialist can also help demystify complex areas such as possible benefit entitlement, explain the importance of a Power of Attorney and Wills, provide funding advice and explain the options with regards to capital and assets.

If you are acting in the capacity of an appointed Lasting Power of Attorney, the thought of seeking financial advice may be daunting but Later Life Financial Planners are able to assist and advise on many levels.

If you’d like more information about the services offered by The Wealth Care Partnership you can download their guide to funding care here.

Please note: By sharing this blog The Dower House is not, in any way, recommending or endorsing the use of The Wealth Care Partnership. When seeking a professional to provide financial advice you should fully research your chosen advisors to ensure they are reputable and qualified to provide the advice you require.