Independent Ageing - Getting the Right Advice

Do you have Capital or Savings? Before you think about the likely costs of any care and support, it is important that you get information and advice about the options open to you, both regarding the type of services that might suit you and also whether the council might contribute to the costs . If you don’t you may make poor decisions about either the care you organise or about how you pay for it or both.

If you have more than £23,250 (April 2015 unchanged from 2011) in cash, savings, investments or property, or your income is enough to cover the cost of your care, then you won’t be able to receive financial help from the council with your care costs. You'll have to pay all these yourself so you will be a self-funder. You will still be entitled to a care needs assessment by their local social services and support to source a care provider who can provide the correct care to meet the assessed needs.

We can only provide financial support to you if we've assessed that:

  • you are eligible for social care services
  • you are unable to pay the full cost of your care

We follow a financial assessment scheme called Fairer Charging for care in your own home or Charging for Residential Accommodation Guidance (CRAG) to work out how much you can pay towards the cost of your care.

Some people choose to be self-funders because they prefer not to be financially assessed. However there may still be a number of ways we might help.

Always first check with the council about any support they can give. The Council’s Social Services will assess your care needs and offer welfare benefit checks to determine benefit entitlement.

Getting advice that’s right for you

There are many other sources of financial information. You should satisfy yourself that it meets your needs. If you access information from banks or from insurers or other organisations of that nature, they may be giving you information to persuade you to buy their products. They should tell you if they are giving you information just about their own products and no others.

It is sensible if you have savings, property or a payment you want to invest to get Independent financial advice. When you choose a financial adviser, there are a number of things to consider as you will be trusting them to give you advice about one of the most important decisions you may ever make. You should find out if they are qualified and accredited to give you advice. Later Life Advisers specialise in the financial 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.

Ask how the advice will be paid for and how independent it is.

As well as the initial commission charged when the product is taken out, there may also be annual commissions, (known as trail commission).

You can access both general information about paying for care and information about accredited financial advisers in your area through the Society of Later Life Advisers (SOLLA).