At 1st Financial Foundations, we understand that planning for long-term care is about taking proactive steps to secure your future. It’s about ensuring that any compensation awards, benefits, and financial resources are protected, while maximizing your financial security.
Whether you’re planning for yourself or a loved one, our friendly team is here to guide you through the options with professionalism and care.
Types of Care
Long-term care needs vary over time, so it’s important to consider different types of support that might be suitable now or in the future:
Sheltered Accommodation or Assisted Living: Ideal for maintaining independence with the reassurance of help in an emergency and limited assistance from a warden.
Domiciliary Care: Support at home with daily activities such as personal care, tailored to your needs.
Live-In Care: A growing option that provides round-the-clock assistance for day-to-day living in the comfort of your own home.
Reablement Care: Short-term support designed to help you regain or maintain independence.
Care Homes: Residential or nursing care homes can offer a higher level of support, with options to combine both.
Palliative and End-of-Life Care: Dedicated care for those with terminal diagnoses, ensuring comfort and dignity.
Paying for Your Care
Understanding how care is funded is a vital part of planning. There are various sources of financial support available:
NHS Continuing Healthcare (NHS CHC)
If your needs are primarily medical, you may qualify for NHS CHC funding. This is worth exploring first as it can cover care costs entirely.
NHS Funded Nursing Care
If NHS CHC doesn’t apply but you require care from a registered nurse, you may be eligible for tax-free, non-means-tested NHS Funded Nursing Care. Payments are made directly to care homes and do not apply to care received at home.
Local Authority Support
Local authorities provide funding for care at home or in care homes, based on both needs and means testing. Under the Mental Health Act 1983, some individuals may qualify for non-means-tested free aftercare.
Benefits
Several benefits can help with care costs for those receiving care or their carers. These include:
1. Personal Independence Payment (PIP) / Disability Living Allowance (DLA)
2. Attendance Allowance
3. State Pension and Pension Credit
Self Funding
If none of the above options apply, self-funding may be necessary. This could mean using income, savings, or investments. An Immediate Needs Annuity might be worth exploring to ensure the longevity of your resources.
If your funds are tied up in property, options like equity release can provide access without requiring a move. Always seek professional advice before making decisions involving your home.
How We Can Help
At 1st Financial Foundations, we specialize in providing independent financial advice tailored to your unique circumstances. From exploring funding options to protecting your financial future, we’re here to help you make informed decisions with confidence.
Get in touch with our friendly team today to start planning for the care and support you or your loved ones may need.
