There are impartial financial advisers that focus specifically on care funding. They’re often referred to as specialist care fees advisers.
Regulated by the Financial Conduct Authority (FCA), they must follow a code of conduct and ethics, and take responsibility for the suitability of any product they recommend.
Unlike some advisers who are tied to particular providers, specialist care fees advisers can offer advice on products from across the whole market. They have specialist qualifications that prove their understanding of the many issues you might have to consider when it comes to funding long-term care.
If the care is for you, for example, a specialist care fees adviser will go through a fact-finding process. This will help them assess and understand your needs and circumstances.
Questions they’ll discuss with you will be about:
- your marital status
- your property ownership
- your attitude towards risk
- the location of family and friends
- the level of your care needs and the attitude of your family
- your health
- your current income, including unearned income, and benefits
- what State support you might be entitled to
- the care that’s currently available and what care will be needed in the future
- the potential cost of care at home or the care home you’ve chosen
- your assets, for example shares or other investments liable for Capital Gains Tax
- liabilities or debts that could reduce the value of your assets or your estate
- your mental capacity and making provisions for decision-making.
They’ll then recommend financial products and services that are suitable for you. They’ll put all this in writing.