I’m sure most of us have at least heard of a Lasting Power Of Attorney but what exactly are they and why are they worth having? Similar to an Ordinary Power of Attorney, which gives someone else the power to handle your financial affairs for you and is usually used on a temporary basis, perhaps … Continued
A study by the worldwide research, consulting and professional development organisation, LIMRA, that compared the financial approaches of men and women, has found that there are key differences between the two sexes in both their methods of financial planning and in their decision-making processes. When it comes to sharing … Continued
Forty-three per cent of people in England would deliberately deplete their wealth to avoid paying for care, leading to more pressure on state finances than ever before, statistics from the latest Partnership Care Report show. Findings in the report show the number of people prepared to reduce their assets below the £23,250 annual threshold to ensure local councils pay for their long-term care has nearly doubled from 23 per cent (2013) to 43 per cent (2015).
Are the financial difficulties which care home provider businesses seem to be currently facing their responsibility to manage, a local government responsibility or does the situation require urgent government action?
When the House of Lords was recently told of the situation, the Labour peer Baroness Weaver asked the question following the news that the UK’s largest care provider, Four Seasons Health Care, was facing financial problems due to its £500m debt, which raised the prospect of care homes being closed.
If you need help with everyday tasks, your local authority has a legal duty to carry out an assessment to find out what help you need. Many people are put off by the idea of an assessment, but it’s not something you should worry about. A care needs assessment is simply a straightforward way of working out your individual care needs so that your local authority or trust can decide the best way to help you.
The cost to you of care delivered by a local authority or trust is determined by a Care Assessment, which takes into account what your needs are and the services required and then Means Testing, which looks at how much capital and income you have that can be taken into account to offset the cost to the provider.
National Insurance contributions go towards things like your State Pension but they don’t count towards the costs of social care. This type of care is managed by your local authority and generally comes at a price. That is why you have to apply directly to them if you need help with paying for long-term care. Your local authority (or Health and Social Care Trust in Northern Ireland) will first carry out a Care Needs Assessment to find out what support you need.