Making the most of your money.
Planning with your goals at the forefront
The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.
Social Care Planning
Arranging care for yourself or a loved one can be an emotional and complex process.
There are many things to consider, which can feel overwhelming. Whether it’s for yourself or a loved one, arranging for the best quality of care in the right setting will be your top priority.
Choosing the right care can be unfamiliar territory for many of us. Factors such as the type and location of care homes, eligibility for state benefits, and funding the care itself are all important considerations.
Uncertainty surrounds the duration of care needed and how long it will have to be financially supported.
If funds are depleted, relying on the local authority for care funding is a possibility, but there are no guarantees the local authority will provide the same level of support.
In the event of a shortfall, compromises may have to be made. Moreover, using up all funds for care means there will be no inheritance for loved ones. However, with proper financial planning, it may be feasible to fund the necessary care while safeguarding as much capital as possible.
The Steps Involved
Most of us probably won’t have much experience with social care until there is a specific need, and the whole process can seem quite daunting. It’s not surprising; there are many moving parts, different people to speak to, and lots of decisions to make to find the right care for you or your loved one.
The following steps may help in understanding some of the things to expect when deciding what care is right for you. These are not exhaustive, and no two experiences are likely to be the same, however, they should give you a broad idea to help with your planning.
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Identifying a Need for Care
- Be clear about what is causing the need – for example, illness or aging.
- Think about how the situation is likely to develop in the future.
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Assessing Your Care Needs
- Build an understanding of your specific needs.
- Have a care needs assessment with your local authority.
- They will inform you if you qualify for local authority care.
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Understanding Your Options
- Consider whether care in your own home is possible.
- If you need residential care, be clear about whether you'll need specialised nursing care or general support.
- Investigate whether your local authority or the NHS is likely to pay for some or all of the care.
Finding the Right Kind of Care
- Be clear about your specific needs, both now and in the future.
- Do plenty of research and ask the care providers lots of questions.
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This article is for guidance purposes only. This is not something we offer advise on.
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