The options for funding your care will depend on the amount of help and support you need, and your financial circumstances.
Planning your finances
Planning for your care gives you more choice and control over the care you or a family member may need.
You may need to consider:
- how your council or local authority can help
- the cost of residential care homes or homecare
- if you're eligible for support from NHS continuing healthcare
If you initially fund your own care but then need to turn to the council because you can no longer afford to do so, we may not provide the financial support that allows you to keep the same level and type of services that you have had before.
Good information and advice on financial options means that you can plan to avoid this eventuality.
How to fund your long-term care
For more information, the Money Advice Service has a beginner's guide to funding long-term care.
Types of financial advice
Financial information and advice can enable you to make well informed choices about how to plan and pay for a present and future care need.
Financial advice may be unregulated or regulated
Unregulated financial advice may include information on benefits, debt, budgeting, and ways to pay for care.
This could be provided by the Local Authority or an independent person or organisation, charity or voluntary group and may be free or fee-based.
If advice is regulated, it means that the advisor must follow rules set out by the Financial Conduct Authority (FCA), an independent official body that ensures the quality and integrity of financial advice.
The Financial Conduct Authority (FCA) recognises two types of regulated adviser:
- independent (they offer the full range of financial products from all providers)
- restricted (they only recommend certain products or product providers, and must clearly explain the nature of the restriction)
Regulated financial advisors do charge fees and they must be clear and open about how much.