The good news is that we are all living a little bit longer. Mortality rates are rising.
However, it is also expected that more of us will need residential or nursing care in our later years.
The cost of care is an issue that many older people feel that it is impossible to avoid. The cost of care in Wales averages between £419 and £589 per week*, depending on whether residential care or nursing care is required. The standard of care also differs widely, depending on the care home selected.
The family and person entering care will often desire the best care home, but have reservations about long term costs. It is also possible that some people entering care will qualify for some state help with the cost of care, but are unsure about what financial assistance is available. Some costs of care may be met by the local health board, and some by the local authority.
It is important to also consider assets which may be exempt from any financial assessment for care costs.
It is also important to know what state benefits you are entitled to when entering care. Entitlement to state benefits such as Attendance Allowance will also depend on whether you are self funding, or in local authority funded care.
There has also been a lot of news recently about people paying for care when it should have been provided free through continuing care by the NHS.
There are several fears for people entering care, such as:
- If self funding, how long will the money last?
- The intended inheritance could disappear after many years paying for care.
- Having to move a settled relative out of a care home if the available funding runs out.
- Local Authority funding not meeting the costs of the desired care home.
- The family may have to top-up funding to meet the costs of the care home.
How can we help?
We will look at entitlement to local authority support, health authority responsibili- ties, welfare benefits, legislative matters and tax arrangements. We consider how best to meet full care costs from all appropriate financial products including those de- signed specifically for this purpose such as immediate needs annuities and incorpo- rating the flexibility required to meet any future changes in care needs. These could be fee increases or additional costs, as dependency increases.
As a specialist adviser on financing long-term care, we can look at your entitlement to support from the local authority, and make consideration of the changes in legislation which are due from 2015/2016. We can consider how you can meet your care costs, putting in place the most appropriate funding solutions for paying for long term care costs.
This will include discussing your entitlement to local authority support, as well as whether there is a need to pay for your own care, or whether it could it be provided by the NHS.
Our knowledge in this area will assist when considering the long term funding options.
We will offer you a no obligation initial meeting, to see whether you need advice, and agree how we can work together.
If you decide that you need financial advice, then we will produce an initial report, where we identify the most appropriate solutions, and discuss the advantages and disadvantages of all the options available.
We are able to provide professional independent financial advice on the choices available for care funding, and would be delighted to meet with you and your family to discuss all the options available. The costs of such advice will be made clear if you appoint us as advisers.
Why use Financial Solutions Wales?
Both Jeremy Phelps and David Perkins have the qualifications and experience to provide advice on later life planning.
This is an area we feel that we can offer a great deal of help – Jeremy Phelps is an associate member of the Society of Later Life Advisers, committing to specialise in advising on long term care, equity release, annuities, investment and portfolio planning and Inheritance tax planning.
If you require independent financial advice on Long Term Care funding, feel free to call on 01554 770022 and we can arrange a no obligation appointment.
*Source: Partnership Assurance research 2009/10