Expert Advice: Financing the Cost of Care – Top Tips
Andrew Dixson-Smith of Eldercare Solutions presents his top 5 tips for advice on the tricky business that is funding the cost of care.
Andrew Dixson-Smith is one of the experts that presents our regular finance seminars. We have asked him to come up with his top 5 tips for advice on the tricky business that is funding the cost of care…
1. Claim financial assistance
As a self-funder in a care home, if over 65, you should be able to claim Attendance Allowance, a tax-free payment of up to £82.30 per week.
2. Consult a qualified professional
For professional advice about your funding options, consult a specialist. Make sure they hold the ‘CF8’ Long Term Care Qualification and are a member of the Society of Later Life Advisers (SOLLA). Eldercare’s advisers have these credentials.
3. Take advice about what to do with your property
You could sell it or rent it to pay for your care. There are pros and cons for each but an Eldercare adviser can explain the options to you. There may also be some support from your Local Authority through their 12 week Property Disregard and Deferred Loan schemes for anyone with savings below £23,250.
4. Consider ‘Care Fees Payment Plans’
Purchased from an Insurance Company, a one-off, lump sum payment will secure you a guaranteed, tax free income for the rest of your stay in care. This protects some of your estate from care costs and provides peace of mind.
5. Set up a Lasting Power of Attorney
We recommend you set up a Lasting Power of Attorney so that someone can act for you if needed. Contact a Solicitor in your area via Solicitors for the Elderly (www.sfe.legal).
To discuss any of these tips or request a free Paying for Care Guide, contact Andrew on 0800 082 1155 or firstname.lastname@example.org
For more information on Eldercare Solutions visit their website