Running Out of Money

Speak to our customer team:

Mon-Sat   9 am to 6 pm

Left Hand Horse Chestnut Logo
Chestnut Financial Services

Independent Financial Advisers

Solving Problems For Our Clients

Right Hand Horse Chestnut Logo

Running Out of Money to Pay Care Fees

You might be forgiven for thinking if you run out of money the state will pay for everything.

Local Authorities have a legal responsibility to provide financial support if your assets and income fall below certain thresholds, but it's important to be aware of the implications.

If this should happen, the Local Authority is only likely to pay your care home their set rate - usually well below the level that care homes charge self-funders.

If the care home that someone is in when they run out of money has no Local Authority places available or is a self-funder only residence, this is likely to mean;

  • either family or friends must pay the difference between the Local Authority rate and the (usually higher) fees that the care home charges (known as a 'third-party top-up'), or
  • you need to move to a different care home, which can be very distressing for all involved.

So, contact us today:

📞  01522 788887 or


The Big News On Social Care Reform – But What Does It Mean?

In September 2021 the Government trumpeted a new policy on reform for health and social care - more precisely reforming how we are expected to pay for our own care - and the changes to Government funding in the meantime. What does the news mean for everyday people needing good quality advice? Read our article on the news.

In November 2021 the Government provided more clarity about just what does form part of "the cap on paying for social care"... and what doesn't. Yet again we learn how much more we will be paying for our social care. Read our article on the news.
So, contact us today:

📞  01522 788887 or


Running Out of Money For Care 1st Photo of Ian Francis

So, What Do I Do?

When running out of money to pay care fees, their care needs will be assessed to determine whether the Local Authority will step in at all.

For example, if an individual is in a care home, or receiving home care as much from choice as a necessity, and runs out of money, it's quite possible they could be assessed as not having severe enough needs for the local authority to pick up any of the costs of their care.

The Care Act 2014 introduced national criteria for eligibility an individual must meet to qualify for care and support.

What this means in practice is if someone's level of care need does not meet the minimum eligibility criteria, they will have to find a way to continue to fund their own care or, as is often the case, end up relying on family or friends to either pay their fees or to act as unpaid carers.

This can be a complex area, so rest assured we are here to advise you.

So, contact us today:

📞  01522 788887 or


How Can We Help?

For any self-funding clients in need of a recommendation relating to the best way or combination of ways to pay for their care, our role at Chestnut Financial Services is to provide a recommendation regarding the best way to pay for care.

More than just care fees planning, we give broad advice to make sure our clients feel in complete control and have planned their finances with absolute confidence.

No matter how seemingly silly or difficult, our aim is to answer your questions and give you confidence about our professional work.

So, contact us today:

📞  01522 788887 or


What Our Clients Have Said

"My aunt was heartbroken at the news that she couldn't stay in her care home any longer. We had simply run out of money and couldn't afford it. I was stunned to meet Ian - he took me through all our assets and income, making a plan. We talked to the council and care home team, and proposed how to keep aunt in the home. My aunt passed away peacefully a few weeks later. We settled up and Ian helped with my aunt's estate. From start to finish Ian's reassuring approach and hard work was appreciated by us all."

Hillary, Market Rasen

What It Means To Be SOLLA Accredited

We have been advising clients on long term care solutions for several years now, backed up not just by professional qualifications but also by the membership of various professional bodies, most notably the Society of Later Life Advisers (SOLLA) and the Personal Finance Society, so we specialise professionally in care fees all the time.

We are proud that Ian Francis is an Accredited adviser with SOLLA. Clients requiring financial planning in their later life benefit from advice that is clear and concise. Such advice comes from an adviser that is suitably qualified and experienced to advise them and manage their financial planning.

What's On Your Mind? Let's Talk...

We offer a free, no-obligation, initial telephone consultation for new clients to answer some initial questions and help you with some first steps.

After that, we will then ask if you would like to set aside more time at a good time of day for you, when we can meet in person, on video, or by phone, whichever is most convenient for you.

If you would like to use our services after our initial telephone call then we charge an hourly fee of £150, including travel time. We can also agree on a fixed fee depending on what you need.

So, contact us today:

📞  01522 788887 or


Important Information

Care fee plans do not guarantee to cover the full costs of the client’s care, care costs are subject to inflation and care needs may increase.

If the cost of care exceeds the income from the plan you will be responsible for paying the difference yourself.

Plans cannot be cancelled or cashed in at any time after the first 30 days.

If the income is paid directly to a registered care provider, the plan benefits from a favourable tax treatment.

Should this tax treatment be changed by HMRC or income be paid to a party other than a registered care provider, some of the income may be subject to tax.

Please note not all care fee advice is regulated by the Financial Conduct Authority.

For More Information

Photo of Farley the Golden Labrador
A warm welcome from Farley!

Our Data Privacy Policy

Contact Us:

📞  01522 788887


Chestnut Financial Services Limited

2a Sadler Court



The Financial Ombudsman Service

The Money and Pensions Service

The Financial Conduct Authority

The guidance and/or advice contained within this website is subject to the UK regulatory regime. It is therefore targeted at consumers based in the UK. Chestnut Financial Services Limited. Registered in England no 9918363, 2a Sadler Court, Lincoln, LN6 3RG. Authorised and regulated by the Financial Conduct Authority.