Planning for the care of a loved one can be a big decision to make, and often a difficult one too. While it may be what is best for your loved one, it can be challenging for you and your family. Aside from the emotional challenges that come with dealing with a loved one in need of care, there can also be reams of practical and financial difficulties too.
Rosie Hooper, chartered financial planner at Quilter provides insight on how best to navigate the care system to ensure you have the best possible support in place for you and your loved one:
“If you are planning for the care of a loved one, it is important that you arm yourself with as much knowledge on the subject as possible, as it will no doubt help you in the long run.
“Many people are aware that the current social care system is means tested so anyone whose assets exceed £23,250 pays for their social care needs. However, what is less well known is the other benefits that are available. Ensuring you properly understand the very complex funding rules on home help, day care and residential care can make a real difference.