Chestnut Financial Services

Chestnut Financial Services, Financial Advisers

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Independent Financial Advisers

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Chestnut Financial Services, Financial Advisers
Not Able to Pay Care Fees advice from Ian Francis, Independent Financial Adviser
Not Able to Pay Care Fees advice from Ian Francis, Independent Financial Adviser

Are you worried you are not able to pay for 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 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 that they could be assessed as not having severe enough needs for the Local Authority to pick up any of the costs of their care. They may also not pick up any costs if they consider that the individual as having deliberately deprived themselves of assets to pay for that care, such as by transferring their assets to other people, including family members, no matter what the reason.

What this means in practice is if someone's level of care need does not meet the minimum eligibility criteria, or they have deliberately deprived themselves of assets, 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.

If the care home that someone is in they are not able to pay for care anymore hasn't got any Local Authority places available or is a self-funder only residence, you will need to move to a different care home, which can be very distressing for all involved.

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.

So what can I do?

If you are worried you won't be able to pay for care in the future (the Local Authority will usually like to know this when your assets are around £30,000) or are not able to pay for care fees now then contact the Local Authority.

The Local Authority will conduct both a Care Needs Assessment and a Financial Assessment, to see that you qualify for their help with the cost of care fees (bearing in mind the care you need will need to qualify under the Care Act 2014), and then that you are not able to pay for care.

Not Able To Pay For Care Advice Photo of Farley the Labrador
A warm welcome from Farley
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 (with or without Farley), on video, or by phone, whichever is most convenient for you.

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What it means to be SOLLA accredited

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.

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;

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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. They agreed! 

From start to finish Ian's reassuring approach and hard work was appreciated by us all."

Jill, Market Rasen

Important Information

Please note, that not all care fees advice is regulated by the Financial Conduct Authority

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Chestnut Financial Services Limited

2a Sadler Court, Lincoln, LN6 3RG

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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.