Get insight into planning later life care with some tips, tricks and information as an easy and informative start to your later life journey.
The Live In Care Hub No Place Like Home report showed that just 1.9% of people had sought professional advice from an independent financial advisor in regards to later life care. Unfortunately, having no plans in place, financial or other, can result in issues like family members not knowing the wishes of their parents should a life-altering illness occur where their parent can’t choose for themselves. When it comes to finances, a lack of financial planning can lead to the care options being less abundant than if plans and saving had been put in place. The best thing you can do now, is to start planning your later life care. With this smart guide, we’ll answer the 3 most important questions involved in planning care to get your research off to a great start:
Which Care Options Are Available/ What Is Appropriate?
The main care options that are available are at home care and residential care. With at home care there are versions of it like home helps, visiting carers and different levels of care in the home. With residential care there are versions of it like sheltered housing and nursing homes depending on how much help you need. As well as knowing which type of care you would prefer, you need to also know which is appropriate for you. Some options may require you travel further afield, rather than being able to use care homes in London or whichever city or town is local to you. A care assessment could be a good idea if you already have care needs or an illness likely to get worse into the future.
What Do You Want?
Research is important so you understand what the different types of care entail and how they would work for you. It isn’t black and white between residential care and care in the home, as many older people say they would prefer extra care housing which is like sheltered accommodation. It may also be that you need to move to utilise care homes in London, or whichever care homes are closest to your family. Once you know the care you need, you can look at the care you really want and make a plan so that you get that type of care in later life.
How Will You Pay?
Whether or not you are entitled to help with your care costs depends on your needs. A care assessment will determine your care needs, potential care costs for different types of care and your projected care needs for the future. You can then look into means testing and support with your care costs. If you’re planning in advance of needing care, the best thing you can do is speak to an IFA for some help with creating a savings plan for the future.
The best thing you can do for your future is to research care and look into getting a care assessment if that would help you at this stage. Speaking to your family could also be a great idea so that they can help you in this important planning process. The more informed you are and the more planning you do, the more likely you are to have a happy, safe and fulfilled later life.