One of the key issues facing many older people and their families is how to fund their long-term care. A new Age Action Alliance “Basics of care fees planning guide”, prepared with Centurion Chartered Financial Planners, aims to help you make an informed decision. By Tony Watts OBE
For many years now, the media has highlighted the fact that families often face the prospect of selling their home to pay for care. I should know, as I first highlighted the problem almost 30 years ago – and faced outrage from a Cabinet Minister at the time for doing so.
Despite a catalogue of promises by successive Governments to cap fees, the situation still remains confusing and worrying for anyone faced with the prospect of them, a partner or a family member, needing care and support in later life… and about the potential cost and what might happen if their savings run out. People worry about protecting the house, looking after a spouse or partner, or leaving an inheritance.
If you have been told you need to meet long-term care costs yourself, or if you are arranging care for a friend or relative, you may not know where to start. It can be difficult to find clear guidance on your options, or on the state funding and benefits which may be available to you, particularly if you have intense or complex medical needs. Hopefully, this guide will at least provide the facts you need to make an informed decision – including a “what if” scenario if the long-proposed care fee cap IS actually introduced.
I asked Dave Robinson of Centurion Chartered Financial Planners to join us in providing this resource because I’ve known and worked with him for many years. He and his team have been specialising in advising people in later life, their families and those acting as Attorneys for over twenty years.
The root of his passion is the personal experience of seeing parents and older relatives develop various serious health and social care needs. He is accredited by the Society of Later Life Advisers and a fully qualified Member of the Society of Trust & Estate Practitioners. His company also specialises in benefits advice, social care and health care assessments, and legal advice covering care contracts. He is pleased to offer any prospective new client an initial exploratory meeting without charge.
You might also like to read the article by Heledd Wyn linked below which looks at some of the legal aspects surrounding care fee planning.