Improvements in healthcare and standards of living mean we're all living longer. For some, these additional years are not always spent in the best of health and as a result, a growing number of older people require care.
If you have to fund your own care, costs can be high. As you don't really know how long you might need care for, planning for these future costs is difficult.
For your wellbeing, it is essential that care choices are made with a full understanding of the costs. Fully informed decisions cannot be made if care and costs are not planned together.
Many people who fund their own care run out of money, having already spent a significant amount on their care. If you need to turn to us because you can no longer fund your own care, we may provide a lower level of funding, which could mean your family contribute to the cost of your care.
This could also mean that we do not provide the financial support that allows you to keep the same level and type of services that you have now.
These risks, combined with the uncertainty brought about by lack of knowledge, may be completely avoidable. Taking specialist regulated financial advice at the point of considering your care options is a vital part of proper planning.
Even if you are already receiving care, either in your home or you have moved to a residential home, getting financial advice is still recommended.
There are a number of information and advice organisations available. Here are a few to get you started:
If you decide to speak to another organisation about your care and specifically your finances, it is recommended that you search for an adviser in your area who is qualified to offer independent advice on all the financial products and services you’re interested in, and who specialises in self-financing long-term care. For more information, visit the Financial Conduct Authority website www.fca.org.uk
The following information and advice is provided by NHS Choices.