Paying for long term care


My Care My Home can help you and your family find the right answer. These include questions such as:

  • How many care hours do I need each week
  • How much will my care cost in the three different types of care settings (Your own home; an extra care development or a care home)
  • How can I find  and pay for necessary adaptations to my own home
  • How might I  rent or sell my home
  • How do I  find and select the highest quality care provider
  • How can I ensure I continue to receive high quality  care
  • How can I afford to pay for my care– possibly without having to sell my house

Find out more about My Care My Home using the following details:

Independent Financial Advisors

Independent financial advisors can advise on how you can make your money work for you to help cover the cost of your care in the long term. This may involve renting out your property rather than selling it, investing your capital in a portfolio of investments or setting up an allowance to provide a level of funding towards your care.

The advantage of getting advice from a good independent financial adviser who has specialist knowledge of long term care funding is that they are able to assess your own specific circumstance in full and can make sure you are claiming all the benefits and allowances you are entitled to and then discuss with you the most appropriate options for you.

When you choose a financial adviser, there are a few things to consider:

1. Find out if the adviser is qualified or accredited 
Later Life financial advisers specialise in the needs of older people. Those advisers who have taken steps to become independently accredited can offer added reassurance that they offer the practical help and guidance needed to make the right decisions at the right time.

Financial advisers who are accredited may become members of the Society of Later Life Advisers (SOLLA).

2. Ask how the advice will be paid for
There are three main ways of paying for advice:

  • fees - by paying the adviser a fee, either a set fee or an hourly rate
  • commission - by paying indirectly through commission, which is deducted by the product provider from the product(s) you invest in. As well as the initial commission charged when the product is taken out, there may also be annual commissions (known as trail commission)
  • fees and commissions - by paying a combination of fees and commission

(From 2013 all Independent Financial Advisers will work on a fee basis only)

Not all advisers offer all three payment options. Make sure that the adviser offers the payment option that you want and ask the adviser to explain what you are paying for, how much it will cost and how you will pay for it.

If you want to pay by commission ask your adviser how this will be calculated and whether it has any effect on the advice you will be given; some advisers are paid commission for promoting certain products. Make sure you understand and are comfortable with the payment arrangements before proceeding. If you are getting investment advice, ask your adviser if the costs include a review of your investments from time to time or if you must pay for that service separately.

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