Eligibility for NHS continuing healthcare funding packages in cases of dementia, Alzheimer’s and other long term health conditions which require permanent, ongoing care is by no means a certainty, and it may be necessary to look for private care solutions as an alternative.
Much will depend on the current health and abilities of the patient and in some cases they will not meet the criteria for NHS support.
This means that the importance of sound financial planning for elderly care comes into much sharper focus, as you will need to consider your current assets and property to devise ways of generating an income to pay for the costs of care. If you or someone close to you has been diagnosed with dementia, you or they need to take immediate steps to get finances in order with future care planning firmly in mind.
Missing out on state funded long term care may seem like a real blow, but there are probably more options than you think available to you, from care plans and annuities through to equity release and local authority deferred payment agreements.
We can help you maximise the financial opportunities available to you so that you can make more informed decisions about how you pay for the costs of long term care.
“Eldermera’s team includes specialist care fees advisors who have specific expertise in private care solutions and we will look at your financial circumstances to see how the costs of care could be met.”
Our elderly care planning process starts with a detailed analysis of the condition, health and circumstances of the person with Alzheimer’s or dementia. This is not only to make recommendations on financial planning options which reflect your own individual needs, but also to double check on eligibility for funding, for example from NHS continuing healthcare. If we feel that you can appeal against an earlier decision, we can explore that process together.
Our elderly care planners and financial advisors are Financial Conduct Authority (FCA) regulated to give you peace of mind that they have the appropriate expertise and qualifications to advise you on care planning matters.
If you would like one of our advisors to provide a synopsis of financial solutions based on your circumstances, we can put together a recommendations report for a fixed fee.
We are also obliged to inform you of any charges or fees relating to the subsequent purchase of a financial product such as an annuity, the charges for which can vary depending on your financial situation.
Private elderly care for those living with dementia or Alzheimer’s can be expensive, but options to help you pay are available.
There are many different strategies for you to consider to help meet care costs. Even if financial support from your immediate family is not feasible, you can look at other possibilities like equity release, using the value of your home to draw down a regular payment or lump sum, or other methods to draw an income from your assets or savings for funding elderly care.
You could consider ‘stand alone’ care fee payment plans, immediate care plans or specific types of annuities, tax efficient policies and financial planning products which have been designed to partially or fully cover the ongoing expenses of long term care.
If you think you will have to self-fund long term care for yourself or family and you do not know where to start, or you are not sure whether you would qualify for NHS support, call us today to discuss your concerns.
Why not schedule a free consultation today?