Improvements in healthcare and standards of living mean we're all living longer. For some, these additional years are not always spent in the best of health and as a result, a growing number of older people require care. If you have to fund your own care, costs can be high. As you don't really know how long you might need care for, planning for these future costs is difficult.
For your wellbeing, it is essential that care choices are made with a full understanding of the costs. Fully informed decisions cannot be made if care and costs are not planned together.
The importance of financial advice
Many people who fund their own care run out of money, having already spent a significant amount on their care. If you need to turn to us because you can no longer fund your own care, we may provide a lower level of funding, which could mean your family contribute to the cost of your care.
This could also mean that we do not provide the financial support that allows you to keep the same level and type of services that you have now.
These risks, combined with the uncertainty brought about by lack of knowledge, may be completely avoidable. Taking specialist regulated financial advice at the point of considering your care options are a vital part of proper planning.
Even if you are already receiving care, either in your home or you have moved to a residential home, getting financial advice is still recommended.
Independent financial advice
The City of Wolverhampton Council is awaiting guidance from the Care Act National Programme on how we can best provide people with appropriate independent financial advice to help them meet their current and future care costs.
In the meantime there are information and advice organisations that can offer financial advice, though there may be a cost for this. We have put details of two independent organisations that may be able to assist you. Please see the related links section on the right hand side of this page for more information.
If you decide to speak to any organisation about your care and specifically your finances, it is recommended that you search for an adviser in your area who is qualified to offer independent advice on all the financial products and services you’re interested in, and who specialises in self-financing long-term care.
For more information, please visit the following advice agencies:
Money Advisory Service
Society of Later Life Advisers (SOLLA)
Financial Conduct Authority
Please note the City of Wolverhampton Council is not responsible for any information or advice provided by any third party organisation/agencies.