Paying for Care - What Is Possible?

Thinking about how to pay for care, whether for yourself or a loved one, can feel daunting. Many people worry they’ll have to sell their home or quickly spend down their savings, but if you have over £250,000 in assets including savings, investments and pensions, plus a property, there are often more options available than you might realise.

And that’s where we can help.

Finding the best way to fund care is usually uncovered by taking a holistic view of the circumstances and often consists of using a combination of strategies.

For example, with careful planning it may be possible to:

  • Use pension income tax-efficiently to help meet care costs

  • Generate a sustainable income from savings or investments

  • Consider specialist solutions like care fee plans

  • Preserve as much of your estate as possible for your family

What’s right will depend on your individual situation and seeking advice early can help you make the most of your options, both financially and emotionally.

A note for those helping a loved one

If you’re acting as an attorney under a Lasting Power of Attorney, you have an important (and sometimes overwhelming) role. You’ll want to make sure any financial and health decisions are clearly in the person’s best interests and that means exploring all the available routes, not just the obvious ones.

As well as considering how to fund care, you will need to review the choices around the types of care available and what’s preferred, whether that is opting for receiving care at home or moving to a private care home for example.

Taking professional advice can give you peace of mind that you’re doing the right thing and may uncover options that ease pressure for everyone involved.

If there are no LPAs in place, please do consider taking action sooner rather than later. The impact of not organising these documents is significant! We can help with this if you like.

At Harold Stephens, we specialise in helping families plan for later life with sensitivity and clarity. If you're thinking about care, or supporting a parent who is, we’re here to guide you through the financial side with confidence.

If you’d like to arrange a relaxed chat about your circumstances with one of our SOLLA Accredited independent financial advisers, please don’t hesitate to give us a call on 0117 3636 212 or email office@haroldstephens.co.uk

Amy Wood