Tips & Advice for Paying for Elderly Care

When it becomes all too evident that an elderly family member is in need of care it is inevitable that thought will turn to finances and the worry of how to fund that care. We want the best for our loved ones as they grow older and this means finding the best care to suit their needs, whether in home care or a care home, but good care can come at a price, and quite a price at that, so it is important to look at how you might be able to pay for it.

Assessment

For the majority of people who require care services the best, and first, place to begin is by speaking to your local authority. They will conduct an assessment to see what care and support requirements are involved. They can also carry out a financial assessment to see what, if any, financial support they can offer. Depending on the circumstances of the elderly person the local authority might meet all the care costs, just a part of the costs with the rest being funded by the person requiring the care, or they may decide that all the costs of care should be met by the elderly person. This is based on the amount that a person has in savings and property (the capital in the home). This figure is due to change in April 2020.

Independent Financial Advice

The best person to speak to in order to find out where you stand financially is an Independent Financial Advisor (IFA). Choose one who specialises in later life care as they will have a special understanding of what is required and will help you make the most of what you have.

Find the Right Type of Care

There are a number of different care options available so it is important that you make the right decision. Consider the health of the elderly person in question, if they have any medical conditions, especially those that are likely to get worse as they get older, such as Dementia or Alzheimer’s, then they may need specialist care, this can be costlier because of the care involved. If they are frail but in good health then you may only need a care home or alternatively home care services

Tips

• Make sure that all the benefits your elderly person is entitled to are being claimed
• Get Independent Financial Advice
• Get a property valuation – unfortunately it is often necessary to sell property in order to fund long term care
• Arrange for a Local Authority Assessment
• Determine what type of care is best for your elderly person
• Look at what care options are available to you locally
• Find out the costs of the care options available
• Consider the long-term costs of care, it isn’t possible to know how long a person will live for and therefore how long funding will need to be found for the care they do need
• Look at the cost of live-in-carers – they might be a viable option for your elderly person rather than a care or nursing home

The author has written and published articles on a wide range of topics including Small Business Advice, Tax and Accounting, Interior Design, House Renovation and Project Management.