The austerity measures of recent years have had a significant impact on adult social care budgets and the reality is that a high proportion of people are now having to self-fund their own care. As a result many local authorities have had to raise the “needs bar” for when someone qualifies for funding via social services.

Simply put, if your capital, savings and or income puts you outside the upper means-test thresholds for local authority funding, you will generally be responsible for paying your own care. However, there are some scenarios where the NHS may be responsible for funding and there are some occasions when your property, as well as certain types of investments, cannot be included in the means test.
However, with careful planning it may be possible to structure things in such a way that care fees can be paid for the rest of your life – without the worry that the money might run out, while also leaving other investments untouched.

The first step is to think about what your ideal care would be, and then talk to a specialist financial advisor who will discuss all the conceivable options, exploring both the health and financial implications of each, and often creating a previously unthought-of solution.

Expert financial planning helps ease the burden of worrying about your finances at a time that might be both highly confusing and emotionally draining. As everyone approaches the funding of care fees differently, and everyone will have different financial circumstances, personal, tailored planning with a professional adviser is vital. It is important not to dismiss any care options until such advice has been taken.

Such expert planners should be authorised and regulated by the Financial Conduct Authority and should have obtained a dedicated long-term care qualification. For added reassurance, they should also be Disclosure and Barring Service (DBS) checked (previously CRB), and therefore cleared to guide vulnerable people.