The Social Care White Paper seeks to set up a National Care Service (NCS). However, even if Labour wins the next two elections, it will take at least 5 years to conduct a proper examination of the funding options and delivery of a NCS. This means that many of the people entering residential care homes in the next 4 years will have died by the time a NCS is established.
These people urgently need care funding advice now. This issue is significant with 130,000 people entering residential care homes in England each year, of which 41% or 53,000 people are wholly self funding. Of this number only 7,000 receive proper financial advice about how to fund their care needs.
And this does not include the 20,000 co-funders or the hundreds of thousands of people who require domiciliary care.
As the ageing population rapidly grows IFAs will continue to provide vital specialist financial advice, although as a consumer you should ensure that you seek out an adviser that is appropriately qualified, holding the CII CF8 qualification, or similar.
Showing posts with label care home fees. Show all posts
Showing posts with label care home fees. Show all posts
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