Home care: Common FAQs about finding and funding care

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Families often focus on how their aged relative will meet care costs, but those looking after loved ones should have a financial plan of their own.

Carers need support that meets their emotional and financial needs, such as time away, help claiming benefits or keeping retirement plans on track.

The number of people caring informally for aged relatives is likely to continue rising as the older generation live for longer. The ranks of ‘sandwich carers’, who look after both their children and an elderly parent, are expected to swell too, as the average age when Britons become parents for the first time is increasing.

Here, we’ll explain the ways that we can help to support you if you’re caring for an elderly person. You may be a sole carer but you’re not alone. Reach out – because help is available.

What care is available for the elderly?

Financial advisers are perceived as being experts in tax and inheritance matters (and they are!), but much of their work also involves helping individuals and families find appropriate care, meet the cost of it and manage life’s big transitions. A good adviser will be able to answer your questions around care – including how much home care costs per hour or whether next of kin are responsible for care-home fees. This can be reassuring and help families with forward planning.

Check entitlements

Many family carers have checked the financial status of their elderly relative with regards to their entitlement to help with care costs. Since most people who own a home or have some savings are required to self-fund their care, carers sometimes assume that they personally aren’t entitled to any financial support.

This may not be the case – especially if it’s been some time since you checked, as entitlement to some state benefits may begin after a period of time has elapsed or the parent’s needs have changed. Discussions of this nature need to take place early on and are worthy of a refresher after some time has passed.#

Respite care

For some families, bringing in professional carers on a temporary basis may be an option, which will give unpaid carers a break. Our advisers can outline how much you can expect to pay for care either at home or in a care home based on the individual’s needs. They can advise on managing costs and anticipating any issues that could arise.

Power of attorney

There are two main types of power of attorney that families can legally obtain to support their parents – one for financial decisions and one for health and care.Each of these legal agreements gives named individuals the power to make decisions on behalf of the other person (in the relevant domain).

They’re important for carers, because it can otherwise be difficult to provide the support you would like. For example, as a parent’s health declines, they may need specialist care but lack the capacity to make that decision for themselves. A power of attorney can make this process easier.

Rhodes Brook Financial can help you manage the issues around caring for elderly relatives, so speak to us today.

Please note that advice given in relation to a Power of Attorney will involve the referral to a service that is separate and distinct to those offered by St. James’s Place. Powers of Attorney are not regulated by the Financial Conduct Authority.

Rhodes Brook Financial Limited is an Appointed Representative of and represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the group’s wealth management products and services, more details of which are set out on the group’s website: www.sjp.co.uk/products.

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