Planning how to pay for future care

Getting financial advice

Paying for care is a long-term commitment and you need to be sure that you'll be able to afford the care you arrange. Getting good financial advice can help you plan how you will pay for your care and get the best use of the money you have.

West Berkshire Council is not able to give you financial advice about your care options. We encourage everyone who needs care to talk to an independent financial adviser for impartial and specialist support.

Why go to a financial adviser

Even if you can comfortably afford to pay for care now, it's good to think about the long-term costs of care. Planning ahead can help avoid problems, such as having to move care home because of the cost.

Financial advisers are experts at helping people get the information they need to make good decisions about their long-term care. Independent financial advisers are impartial. This means they are not under pressure from a company or organisation to recommend one solution over another. They are there to give the best advice possible after an assessment of your situation.

What to look for in an adviser

Not all advisers are equally qualified, so you need one that has a clear understanding of long-term care planning.

Some advisers are also held to account by an official body, the Financial Conduct Authority (FCA). This means that they stick to a code of conduct and ethics, and take responsibility for recommending different products that might help.
 

The difference between 'guidance' and 'advice'

It's important to understand that there is a difference between 'guidance' (also called an 'information only' or 'non-advice' service) and 'advice'. If you buy a financial service or product after receiving 'guidance', rather than 'advice', it means you might not have access to the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS). These are organisations that can help you get your money back if things go wrong.

What it might cost

How much you pay will depend on things like:

• how complicated your situation is
• the level of advice
• the types of products an adviser needs to recommend

Before organising an appointment, ask the adviser how much their advice is going to cost and when you might have to pay.

Advisers will operate in different ways. You could ask your adviser about splitting the fee into instalments, or paying an hourly fee at the end of each consultation.

Where to find an adviser

Visit the websites below to find advisers or further advice:

• The Society of Later Life Advisers (SOLLA) holds a register of accredited advisers that have qualifications in financial advice, including long-term care funding - search their directory for a suitably-qualified adviser close to you
• Money Helper is an independent service set up by the government providing free and impartial advice - you can get in touch by phone, or chat online with an adviser
• Paying for Care is a website designed by a non-profit organisation to help people make more informed decisions about arranging and paying for their long-term care
• Citizens Advice West Berkshire also provides financial advice

You can also find general advice and guidance on the Age UK 'paying for care' webpages.

If someone lacks mental capacity to make decisions

Sometimes a person in need of care may lack 'mental capacity' to make decisions about their finances on their own. Under some circumstances, control over these decisions can be passed to someone else. 

You can find more information about managing the finances of someone else here.

Do you still need help? Get in touch with us and tell us what you're looking for.