Long Term Care

Long-term care planning considers how care may be arranged and funded if ongoing support becomes necessary. It can bring together the individual’s care needs, preferred setting, income, savings, property, available benefits and possible public funding to create a more sustainable financial approach.

PF Financial can help you understand the available funding routes and develop a plan that reflects the individual’s circumstances and care requirements.

Advice can be useful when care first becomes a possibility, when needs are being assessed or before significant personal assets are committed to paying care fees. Starting earlier may provide more time to investigate NHS or local authority support and compare the different self-funding options available.

Speaking with PF Financial at an early stage can help you identify the information, assessments and financial details that may be needed before important decisions are made.

Care can take many forms, including support within the person’s own home, live-in care, sheltered accommodation, assisted living, residential care and nursing care. The appropriate setting and funding approach will depend on the person’s needs, preferences and how those needs are expected to develop.

Responsibility for care costs depends on the person’s health and care needs, financial circumstances and eligibility for assistance. Funding may potentially come from the NHS, a local authority, benefits, personal income, savings, investments, property or a combination of different sources.

PF Financial can help you review how these different sources may work together once the relevant care and financial assessments have been completed.

NHS Continuing Healthcare is funding arranged by the NHS for some adults whose assessed needs are primarily health-related. Eligibility is determined through a formal assessment process and is not based solely on a diagnosis or the fact that somebody requires residential or nursing care.

A local authority may contribute towards eligible care following assessments of the person’s care needs and financial circumstances. The amount of support available will depend on the applicable rules and the outcome of those assessments. The assessment should generally be completed before longer-term funding decisions are made.

Certain benefits may help meet care or living costs, depending on the person’s age, needs and financial circumstances. These may include Attendance Allowance, Pension Credit or other relevant support. Eligibility varies, so the benefits available should be checked as part of the wider care funding review.

A comprehensive review can help ensure potential benefits and public funding options are considered before relying entirely on personal assets.

Self-funding generally means using personal income, savings, investments, property or other assets to meet some or all of the cost of care. A financial plan can help consider how these resources may be used and how the arrangements could respond if care costs or needs change over time.

PF Financial can assess the available assets and income and explain the financial options that may help support ongoing care costs.

An immediate needs annuity is one product that may be considered as part of a self-funded care plan. It generally involves using a lump sum to provide regular payments towards care costs. The income, terms and suitability will depend on the individual and the product available.

Our advisers can explain how an immediate needs annuity works and compare it with other care funding approaches that may be available.

Property may form part of the wider care funding position, but selling the home is not always the only option considered. The appropriate approach may depend on where care is provided, who lives in the property, eligibility for support and whether other income or assets are available.

PF Financial can help you explore how property wealth may fit within the wider funding plan without assuming that an immediate sale is necessarily required.

Equity release may be one way of accessing property wealth where the homeowner remains living in the property, subject to eligibility and the terms of the product. It can affect inheritance, means-tested benefits and future financial options, so alternatives and wider implications should be considered carefully.

Where equity release is being considered, PF Financial can assess the available alternatives and explain the potential costs, risks and longer-term effects.

Long-term care bonds or investments may form part of a wider funding strategy in some circumstances. Their value, accessibility, risks and potential income should be considered alongside care costs, other assets and the individual’s need for financial flexibility. Investment returns are not guaranteed.

No adviser can guarantee future care costs, investment performance, eligibility for public funding or how long care will be required. Care funding advice can assess the available information, model different approaches and recommend a solution intended to reflect the individual’s circumstances and priorities.

PF Financial can help you understand the assumptions behind a proposed funding plan and review the arrangements as circumstances develop.

A suitable assessment should consider more than the immediate care fee. It may also examine ongoing household costs, income, benefits, property, savings, tax considerations and the effect on the person’s wider estate and family. Where legal or tax advice is required, input from the relevant specialist may also be appropriate.

PF Financial can work alongside family members and other professional advisers to help ensure the care funding plan is considered within the wider financial picture.