Planning for future care
Planning for future care
It is important to plan and consider your future care. You may not have care needs at the moment but it is worthwhile considering the possibility you may in the future and look at the options available to you.
The services you receive are chargeable and you may have to pay towards your personal budget to meet these costs. The amount you can afford to contribute to your personal budget is worked out through a financial assessment.
The financial assessment will look at your income, savings and benefits. It will also look at any disability related expenditure costs or housing costs you may have.
Depending on the outcome of the financial assessment you may have to contribute an amount to or pay the full cost of your care.
You do not have to have a financial assessment but, if you do not, you will have to pay for the full cost of your care and support.
Help and advice about future care and the cost
When considering future care you should find a qualified and independent financial advisor. This should be somebody you feel you can rely upon to understand the decisions you need to make when looking at paying for your future care costs.
Independent financial advisers are professionals who can give you independent advice on financial matters and are experts in long-term care funding advice.
An independent financial adviser will assess your financial circumstances and explain the options to pay for your care and support needs and make sure that you:
- fund care fees in the most cost and tax efficient way
- understand the Solihull Council’s Deferred Payment Scheme if you need to move to long term residential or nursing care and you own a property
- get information and advice to help you make an informed decision about renting or selling your home
- are able to pay the fees for your preferred residential or nursing care home, now and in the future
- get the benefits and payments you are entitled to
Your independent financial adviser must also be controlled, or regulated, by the Financial Conduct Authority.
Unlike banks, credit unions do not make a profit. They are financial co-operatives based in local communities operated by and run for the people living there. They aim to provide affordable financial services for residents of Solihull.
Credit union accounts are seen as a good way for people to learn about managing their money well and helping them save money.
The Society of Later Life Advisers also known as SOLLA is a not for profit organisation and can help you to be better informed about the financial issues you may face in later life and can find an Accredited Adviser quickly and easily for you.
SOLLA work with you to find not only a well qualified financial advisor but somebody who you feel you can rely upon to understand the plans you need to make for your retirement years. They will link you with an advisor who can help you explore the solutions that work for you and where they are involved, your family too.
When managing your own affairs becomes difficult
There may be times when you are not able to manage your own affairs and will have to rely on others to make decisions for you.
This can include deciding where to live, whether you have medical treatment or managing your money. There are ways of planning for the future where you can make clear your wishes and decide who you want to manage your affairs. Solihull Community Advice Hubs can provide high quality information, advice and support to help you.
Each one of us has the right to be treated with dignity and respect. However, whenever someone else makes decisions for another person, it raises the chance that an adult could be abused. This can happen whether they are:
- in a residential care home
- living at home and receiving care
- during an stay in hospital
Recognising this risk, the Mental Capacity Act 2005 was introduced. It protects everyone in England and Wales who are found to be unable to make decisions for themselves and applies to everyone from the age of 16.
Planning for your retirement
As you approach retirement age, you should consider how much money you will need and think about how you will manage financially the older you get. Considering the possibility of care and the cost involved even if you do not need care now.
Retirement is a big change for you and your family, so it’s important you get advice on how to manage the process.
The way in which you can access your private pension is changing, making it more flexible.
A free and impartial government service is available for you to find out more about these changes and how to prepare for retirement. It is important you get independent financial advice about accessing your pension.