We have a legal duty to help you access financial information and advice which is impartial and independent from the council. This should include services providing free financial advice of a general nature and chargeable fee-based advice, providing financial advice regulated by the Financial Conduct Agency Services Authority (FCSA).
As part of your your assessment we will provide you with comprehensive information about the costs and charges related to any proposed care and support plan. This information will include the cost of any propose home care or care homes and the various ways of paying for your care and support.
The information will be based on an financial assessment of your income and assets against criteria laid down by the government. .
It will be important for you to know that any plans you make will provide you with the care and security you will need in the longer term, particularly if your needs or costs increase.
It will also be important that you take a long-term view of your personal financial situation, take advice appropriate to the complexity of your financial circumstances and make plans accordingly.
The cost of care and support may be a substantial commitment over many years. If you have assets such as your own home or investments, you will want to understand the full impact the cost of your care and support will have on your personal situation, the long term financial implications and the full range of payment options available to you.
You may benefit from independent financial advice if you:
The two categories are:
General Independent Financial Information and Advice - is typically provided through national call centres and websites and is usually free - but please check.
The following services provide general financial information about charging and payment arrangements which may help you to understand your financial options and plan your next steps.
Consumer Websites: - Which Elderly Care
Citizen Advice Bureau provide free, independent, confidential and impartial advice to everyone on their rights and responsibilities. Find your nearest Citizens Advice Bureau.
|Age UK||0800 169 6565|
|Independent Age||0800 319 6789|
|Alzheimers Society||0300 222 1122|
|0300 330 9250|
|0808 808 7777|
|0800 377 7070|
The Welfare Rights Service provides free and confidential advice to make sure that you are claiming all of the benefits you are entitled to.
PayingForCare are a non-profit making organisation who offer advice about long term care, specifically around how to pay for care. They offer general financial advice but may also suggest that you seek regulated financial advice and will refer you to one of their listed advisors.
PayingForCare are part of the Partnership group of companies which includes Partnership Life Insurance Company Limited an authorised insurer. PayingForCare also have a useful care fees calculator so you can work out how much care fees might cost.
Regulated Independent Financial Advice – is a fee-based, personalised advice service provided by the financial services industry which, depending on your circumstance may provide access to financial products which could support your care plans and financial goals.
If you want regular financial advice it is important that you find a suitably qualified independent financial adviser and understand how much you will be required to pay for their service; this may be an hourly rate or a set fee. We cannot recommend an individual adviser.
The Society of Later Life Advisers (SOLLA) is a national charity which provides support for people to access regulated financial advisers who hold an enhanced accreditation in respect of later life and disability related issues.
SOLLA holds a national database of accredited advisers from which you may choose. SOLLA would suggest that you select three to talk to before making a final choice in order to ensure that they meet your personal requirements.