Help funding care – how to get advice

It’s a good idea to speak to a few financial advisers to see if they’re right for you. Most will offer you a free initial consultation, which is a great chance to ask some questions.

When planning for long-term care costs, a specialist care fees adviser can give unbiased financial advice for you or your loved one.

They can help you find a way of funding your long-term care that:

• suits your needs
• is affordable, and
• aligns with your risk tolerance and financial goals.

They’ll explain the costs and risks of each option and help with tasks like making a will or power of attorney and advising on available benefits and support from the NHS or local authority for your care costs.

If you want to explore your options before getting professional advice, read our guides:

• Beginner’s guide to paying for long-term care
• How to pay for your long-term care at home
• Ways to pay care home fees

For support and free advice on care in:

• England, contact Age UKOpens in a new window
• Wales, contact Age CymruOpens in a new window
• Northern Ireland, contact Age NIOpens in a new window
• Scotland, contact Age ScotlandOpens in a new window

The rules and options for paying for long-term care can be hard to understand without expert guidance. Some options, like equity release, require advice beforehand because they’re complex.

While you don’t have to follow the advice, it’s wise to consider it carefully. Involving your family in these discussions can be helpful too. This way, they understand your situation and can support you in the decisions you make.

Specialist care fees advisers are regulated by the Financial Conduct Authority (FCA). They must follow rules and make sure any product they suggest is right for you.

Unlike some advisers who are tied to certain providers, specialist care fees advisers can recommend products from any company. They have specialist qualifications to help with issues you might have to consider when it comes to funding long-term care.

If you need care, a specialist adviser will ask questions to understand your situation like:

• if you’re married
• what your current health is like
• where your family and friends live
• what your care needs are, and
• if you have mental capacity to make decisions.

They’ll also want to know about your finances and any plans you’ve already got, such as:

• if you own your home
• if you have any other assets, like shares or other investments liable for Capital Gains Tax
• if you have any debts
• how comfortable you’d be if investments lost money, and
• if you’ve got any quotes for the cost of care at home or in a care home.

They’ll recommend products and services that fit your needs and write it all down for you.

The cost of financial advice can vary based on:

• where you live
• how complicated your situation is, and
• the kind of advice and products recommended.

So it’s a good idea to get a few different quotes. Most financial advisers offer you a free initial consultation, which lets you ask some questions. It also gives you a chance to see how they work and if you feel comfortable with them.

For more help, see:

• Key questions to ask your financial adviser
• Financial adviser fees

The Find an adviserOpens in a new window tool at the Society of Later Life Advisers lists financial advisers who specialise in later life planning.

Remember, it’s a good idea to get multiple quotes and speak to a few advisers to see if they’re right for you.

Be aware that if you don’t seek financial advice and the product you choose isn’t right for you, you might have less reason to complain or ask for compensation later.

If you receive advice and later find that the product wasn’t suitable, you might be able to claim compensation for mis-selling. For example, if you were sold an investment bond that locked your money away, but you needed access to it.

Every specialist care fees adviser will have a formal complaints procedure to follow. You can usually find this in their terms and conditions. You’ll also have the right to make a complaint to the Financial Ombudsman Service.