Seeking financial advice
If you've been assessed as needing care or support, you'll also have a financial assessment to find out how much you're likely to have to contribute towards the cost of any paid care or support. This will be based on how much your income is and what savings and other capital you have. This assessment will ask about the amount of savings or other capital you have, and you may be asked to provide evidence of this. The government says that anyone with over £23,250 will be required to pay for all the costs of their care or support.
If you're considering care in your own home, the property won't be taken into account in the financial
assessment. However, if you're going into a care home the value of your property (less any outstanding mortgage) will normally be included in the means test. This is why owning your home is one of the major reasons why you may not get support for the cost of care. It's important therefore that you seek financial advice to help you to understand the effect of any decisions you make, and that you understand the options that may be available to you from us, including access to the Deferred Payment Scheme.
Financial advice
If we're unable to help you with paying for your care or if you're considering a deferred payment agreement to pay for your care, there are a number of organisations you can contact for financial advice. You'll find useful websites attached to this page.
Regulated independent financial advice
Some people may benefit from independent financial advice from an independent financial adviser or financial planner. They can look at your income, savings and other assets, and can help you to plan the best way to pay for your future or current care needs in a way that benefits you most.
Independent financial advisers and financial planners do make a charge, so it's important that you choose the right adviser for you. You should check the following with them before agreeing to pay for any advice.
Are they regulated by the Financial Conduct Authority (FCA)?
This is important because it means that they comply with a set of minimum standards and are qualified to provide this advice. You can contact the FCA Monday to Friday from 8am to 6pm or on Saturday from 9am to 1pm by:
- Phone: 0800 111 6768 (freephone) or 0300 500 8082
- Email: consumer.queries@fca.org.uk
How much will they charge? Is it by the hour or are they paid commission on any financial products they arrange for you?
Some will provide an initial consultation free of charge.
How independent are they?
Some advisers can arrange financial products from any finance company; others are linked to a particular finance company. This isn't to say that one is better than the other, but it's important to be sure that the adviser is acting in your best interests.
When should you think about independent financial advice?
It's never too soon to think about planning for the future and to think about what will happen if your circumstances change. However, there will be particular times when you may feel the need to plan ahead, such as when you're approaching retirement, if you have a change in circumstances which means that you have to make financial decisions, or simply if you realise that your finances would really benefit from some good planning.
Who can you get independent financial advice from?
You may wish to have some additional assurance about the quality of advice you may get. Some are accredited by the Society of Later Life Advisers (SOLLA) or by the Institute of Financial Planning (IFP) which means that they've gone through additional checks by an independent organisation with regard to the quality of their advice. To find accredited SOLLA or IFP advisers in Shropshire please visit these websites:
Additionally, the Paying For Care website provides financial advice and a facility of searching for local financial advisers and planners.
Finally, the ‘Unbiased’ and ‘Vouched For’ websites can be used to search for professional advisers in your area and also include customer ratings. Please ensure that you always take the time to ask the right questions to find out whether an adviser is right for your circumstances:
The information provided here isn't exhaustive. We haven't vetted any financial advisers and we're not responsible or liable for them or any advice or services they provide. We don't endorse or make any representations about any financial advisers, or any results or advice that may be obtained from using them. If you decide to use a financial adviser, please ensure that you conduct your own prudent checks.