It is perfectly understandable that, despite the onset of physical or mental health issues, the majority of people will wish to remain in their own home for as long as possible. Community care will often allow for independent living. However, the availability of community care assistance is very much down to your individual local authority and the range of services not only fluctuates between areas, but also depends on the extent of your needs and eligibility.
The alternative option is to consider a care home. Residential and nursing homes usually charge on a weekly basis and fees reflect the level of care needed as well as the facilities provided by the home.
If you decide that a move into a care home is right for you or your loved one, important decisions need to be made and it is important to seek early, specialist financial advice. Doing so can prevent problems arising at a later date, leaving you in the best position to plan your care.
At MT Financial Management, we can provide specialist care fees advice to help you find a means of funding your long-term care which is:
- Suitable for your needs
- Affordable both now and in the future
- Compatible with your attitude to risk and your financial priorities
Depending on individual circumstances, your local authority and the NHS may assist in funding all or part of your care.
How much you contribute is based on complex rules. Whether you fund all, part or none of your care costs is not always clear which is why early advice is important.
You may need advice on the following:
- Should I be charged and how much should I pay?
- Is the care contract reasonable and should you try to amend the terms?
- Will your spouse or partner be expected to pay towards your care?
- Will your spouse, partner or other relative be able to continue to live in your family home?
- What assets do you need to sell?
- How should the assets be valued?
- Can you take out insurance to pay for your care?
- Are there any welfare benefits you may be entitled to?
- Should you make an advance decision setting out your health care wishes in the event that you become unable to communicate them?
- Can you continue to financially manage your affairs or should you appoint someone under Power of Attorney to act on your behalf? [link to Power of Attorney]
There are a number of organisations and authorities that can help with some of these issues and we can coordinate with these to help you understand how best to manage the care needs of you and your loved ones.
For more information on MT Financial Management in Spalding, Wisbech and Market Deeping, please contact us.