Helping you navigate Long-Term Care in the UK

Monday 7 October, 2024

We understand how it can be a little overwhelming when a loved one needs long-term care. There are so many options and it is not always clear where to start.

Allan Ross, Independent Financial Adviser in Ware and a Member of the Society of Later Life Advisers (SOLLA), has put together this short support article from the perspective of the loved one who may need long-term care. This will help you understand some of the steps that should considered.

In the UK, there are several ways to access long-term care support, depending on your specific circumstances. Let’s explore them:

1. Talk to Your Local Council

They are responsible for assessing your needs and providing care services. They will conduct two assessments:

Needs Assessment: This will determine the level of care you need, whether it's help at home or in a residential setting.
Financial Assessment: This will help determine how much you might need to contribute towards your care costs.

2. NHS Continuing Healthcare (CHC)

If your loved one has significant healthcare needs, the NHS may fully fund their care package. Here is how to find out:

Eligibility Assessment: Your GP or hospital can help arrange this assessment to determine if your loved one qualifies for CHC funding.
Care Package: If eligible, the NHS will cover the cost of care, either at home or in a residential setting.

3. Planning for Costs

There are options if you do not qualify for local authority funding or CHC:

Care Fee Annuities: These are insurance products that can help cover the cost of care.
Equity Release: This allows you to access the value of your home to pay for care. However, it is important to understand the pros and cons before making this decision.
Savings and Investments: You can also use your personal savings to cover care expenses.

4. Finding the Right Care Provider

Care Homes and Home Care Agencies: You can contact them directly to learn about their services and costs. The Care Quality Commission (CQC) website provides ratings and reviews to help you choose the most suitable provider for your needs.

5. Support is Available

Don't feel alone! Several charities and voluntary organisations offer valuable advice and support:

Age UK: www.ageuk.org.uk They offer information and advice on all aspects of care.
Carers UK: www.carersuk.org They provide support for those caring for family or friends.
Alzheimer's Society: www.alzheimers.org.uk They specialise in support for individuals with dementia and their carers.

6. We Can Help You Plan Financially

Financial planning can make a big difference. We can provide independent financial advice on managing long-term care costs.

Whether you're an individual or an attorney, we can help you navigate the financial aspects of long-term care. Using cash flow planning, we will review your options and create a strategy to plan for care home fees.

Our advisers are prepared for the unexpected. By regularly reviewing and adjusting your financial plan, we will help you feel confident about funding care costs. We may recommend utilising a Care Fees Plan, tax-efficient investments like ISAs, investment bonds for tax-deferred income, and maintaining adequate cash reserves.

7. Sharing Experiences is Powerful

Support groups and networks can connect you with others facing similar situations. They offer emotional support, practical advice, and shared experiences. Many local and national organisations offer these groups, often focused on specific conditions or types of care.

8. Resources at Your Fingertips

There are many online resources with detailed information on long-term care:

NHS Website: www.nhs.uk This website offers a comprehensive guide on care and support services.
GOV.UK: www.gov.uk Provides information on benefits and financial support available.
Which? Elderly Care: www.which.co.uk Get consumer advice on care options and funding.

Speak to your local Independent Financial Adviser

Remember, you're not alone!

We know accessing support can be challenging, but it's out there. Don't hesitate to ask for help. If you have a Lasting Power of Attorney in place, this can make things easier.

As independent financial advisers, we're committed to putting your and your loved ones' needs first. We have extensive experience working with vulnerable clients and we are recognised for our excellence in this area with a national award in 2021.

Understanding dementia is a priority for us, and many of our team members have undergone specialised dementia training.

This is just a starting point. Let's discuss your specific situation and find the best way forward together. Call 01727 845500 to speak to a local financial adviser or complete the contact form on this page with your enquiry.

The value of your investments can fall as well as rise and is not guaranteed. The Financial Conduct Authority does not regulate cashflow modelling. To understand equity release features and risks, ask for a personalised illustration.

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