Independent financial advice on paying for care

You should always ask for independent financial advice to help you decide how to pay long-term care costs and make sure you're claiming all the benefits and allowances you can.

The role of a financial adviser

There are impartial financial advisers that focus specifically on care funding. They're often referred to as specialist care fee 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 fee 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 fee adviser will go through a fact-finding process. This will help them assess and understand your needs and circumstances.

The 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 support might you 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, are 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.

Get financial advice on how to fund your long-term care from The Money Advice Service

Make sure that any adviser you use is qualified.

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