Our Care Fees Advice Service
The vast majority of people who have to meet their own care costs are unlikely to be able to do this without using up at least some of their assets. A qualified care fees planning specialist like Ian Francis is able to give you lots of advice.
The most common approach for funding any ‘shortfall’ between existing income and care costs tends to be to simply draw down what is needed each month from savings, and perhaps property sale proceeds, and hope that these do not run out completely. But care fees planning is much more detailed than that.
Unless you have a very significant amount of capital, capital depletion will be unavoidable. This does not always offer the peace of mind that many are looking for - hence care fees planning is crucial. We can advise you on care fees planning, answering your questions and if you want us to help arrange a solution, like a care fees annuity, then we are here to help arrange that too.
The very first stage of our care fees planning journey will assess the likelihood of the annuity being an appropriate solution for your needs – and if it isn’t, we will tell you!
What Happens Next If I Think I Qualify for Local Authority Funding?
You will first need to undergo a care needs assessment and you should request this from the Adult Care Services within your Local Authority. If you meet their eligibility criteria then a financial assessment will be done and this will calculate how much they will contribute. Most of your income will be taken into account and each Authority has a maximum amount that they will pay.
Financial advice can be daunting at the best of times and even more so when it comes to planning in later life. By choosing an accredited member of the Society of Later Life Advisers you can be assured of someone with the expertise to best understand your needs to provide advice that is right for you and your family.
Will the NHS pay?
Only if you are assessed by the NHS as having a “primary health need” which is likely to be a complex medical condition that requires substantial ongoing healthcare. In these cases, regardless of the assets you have, the NHS will either pay for your care in full (this is known as ‘NHS Continuing Healthcare’) or they will at least pay a fixed weekly amount towards it.
The Care Home that you live in must be registered as a ‘Care Home with Nursing’ for you to be eligible for any amount of financial support from the NHS. You can check what type of care a particular Home is registered to provide by looking on their regulator’s website.
You may be eligible for NHS funding even if you are receiving care in your own home, provided you meet the criteria that they set.
So having set out these facts, feel free to contact us to get sound care fees planning advice.
Knowledge and Expertise
Care fees planning is much more complex than we’re able to explain here. Rest assured, we use our skills and expertise to stay up-to-date with current thinking, changing legislation and new products to ensure you receive only the highest quality advice.
Please Get In Touch
You can telephone our office on 01522 788887, we always look forward to speaking with our clients.
Alternatively, you can email us. Our address is email@example.com
Or please complete this contact form and we will get back to you as soon as possible!
The value of care fees planning, pensions and investments and the income they produce can fall as well as rise. You may get back less than you invested.
Estate planning is not regulated by the Financial Conduct Authority.