With care fees continuing to increase, changing legislation and people living for longer, funding the cost of long-term care is becoming an increasingly important consideration. When you or a loved one require long-term care, or are approaching retirement and planning for the future, finding the right financial support can feel complicated and stressful during an already emotional time.
The UK government offer assistance with care fees to those who are eligible via a means test, but if the total value of your assets is over £23,250 in England and Northern Ireland, you will have to pay for the cost of care yourself. Furthermore, the NHS provide funding for care for primary healthcare needs that have arisen from a disability, accident or illness, yet you are not likely to qualify if you are frail, elderly and don’t have any specific medical problems, even if you do have long-term care needs.
For the majority of people who own a home or have savings, many will believe that the only option is to use their assets to cover their costs – but this doesn’t always have to be the case. Seeking financial advice from a specialist long-term care adviser can help you to plan effectively for the cost of care,
At Smith Eliot, our aim is to help you navigate through the often complex and confusing world of care funding to make an informed decision tailored to your individual circumstances. Our comprehensive long-term care advice covers a wide span of topics, including:
This may involve a referral to Care Sourcer, whose services are separate and distinct to those offered by St. James’s Place.
The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value may fall as well as rise.