Why you should get professional financial advice as you approach needing care

One of the biggest financial decisions that you will make in your lifetime is how you pay for your care costs, and for many it will be the last big financial decision they have to take.  For many, the financial help that they receive from their local authority will be minimal, if any at all. Therefore, they need to consider how they will pay their costs.

Our calculator will help you estimate the cost of care homes or home care.  Once you have an estimate of what your care will cost you, the next important step is to think about how you will fund these care costs.  There are 6 main ways in which you can meet your care costs, which are a combination of using your property and savings and investments.  As you will see the options are complicated and making a wrong decision can have a significant financial impact on you and your family.

Therefore, if you have to meet your own care costs it is important that you see a care fees financial advisor, that is a specialist in care costs, and help talk you through the various care funding options.  They can guide you through the complexity and make sure you don’t make a financial decision you, and possibly your family, then regret.

The 3 key areas where a financial advisor can help you

Area 1 - As you approach needing to pay for your care

When you are approaching care a specialist care funding advisor will be able to help you understand the options that are available and the key things you need to think through, such as:

icon-yes Explain the different ways in which you can pay for your care
icon-yes Explain the cost implications of the various options (eg deferred payment schemes, care annuity, using your property, using your savings or investments)
icon-yes Explain which benefits and credits you may be entitled to from the State
icon-yes Find you the best value care product depending which option best meets your circumstances
icon-yes Explain the impact of your care funding decision on any inheritance planning

Area 2 - As you are in care

As you are in care, an advisor can help you manage your affairs and protect your interests.  The areas that they typically support in are:

icon-yes Manage your investments for you and help you with your decision making
icon-yes Manage your tax affairs if you are still receiving income from property or an asset
icon-yes Monitor your entitlement to benefits and credits
icon-yes Support with writing a will

Area 3 - As you leave care

Once you have left the care environment, your advisor will help manage your affairs, deal with your family, and typically look after such areas as:

icon-yes Manage your assets and inheritance distribution
icon-yes Support family in the repayment of any fees due, as a result of using your property to fund your care


Please select your current area (by county)

What year will you go into residential care?

How many years will you be in the care home?

Total Cost: £


Please select your current area (by county)

What year will you start needing home care?

How many hours a week of care do you need?

How many years will you need home care for?

Total Cost: £