Need help finding and funding later life care?
Across the UK today 5.7 million people are carers* Looking after someone can be rewarding, but it can also make life challenging, both emotionally and financially. Here, Cranwell Wealth Solutions of Heathfield share some considerations.
Most people who own a home or have some savings are required to self-fund their care, so many carers assume that they aren’t entitled to any financial support.
But this may not be the case – especially if it’s been some time since you last checked. Entitlement to some state benefits may begin after a certain amount of time has elapsed or the persons needs have changed.
We can help you to explore your loved one’s entitlements.
Before you consider selling a house to pay for care
If you have assets of more than £23,250 in England, your local authority will not normally fund care. What’s more, the value of your home will usually be included in this calculation.
However, if one of the following circumstances applies, your property will be completely disregarded:
- If you remain living in the property and receive care in your own home
- If you move into residential care but have a spouse or partner who continues to live in the property
- If you have an ‘eligible relative’ who will continue living in the property – (another relative over the age of 60, dependent children under 16 or a dependent relative with a disability)
Exploring ways to support you financially
A cashflow plan might show that a family could factor in some practical help with caring into their budget. Sometimes, financial assets can be managed more effectively to pay off a mortgage, reduce debts or create an income stream. We can also help you to explore how much home care costs or whether next of kin are responsible for care-home fees.
Unpaid carers can also benefit from a session with a financial adviser. Their own needs may have taken a backseat – their carefully laid retirement plans may need a boost, or they may wish to explore how to support their children with their dreams.
If you find yourself with questions relating to later life care either for you or a loved one, Cranwell Wealth Solutions adviser Peter Morris of Cranwell Wealth Solutions specialises in the subject.
Why not book a non-obligation appointment today.
www.cranwellws.co.uk 01435 866 101
*Facts & Figures, Carers UK, accessed May 2023