Are you a Long Term Self Funder who Needs Financial Advice?
There has been much recent discussion relating to local authorities and their ability, or lack thereof, to independently assess self-funders. There are new reforms currently up for discussion and debate that highlights the difficulties with the practicality and logistics of offering such assessments. There has been recent fear that the system could collapse if local authorities were forced to assess and monitor those who were eligible for the £72,000 cap on care costs. So, as part of recent reports, there will be a much greater responsibility placed on local authorities to monitor care users and provide more substantial information and referrals for advice.
These referrals for advice are alleviating some of the pressure currently placed on local authorities. However, it is also helping long term stayers make better, and more educated decision on their long term care.
It is now the intension that local authorities now refer long stayers to outside and independent financial advice creates a sense of security and stability for you, as the long stayer. This is because there is currently a bill submitted that would require local authorities to refer long stayers to regulated financial advisers. The bill was originally rejected but has now been resubmitted for approval via a revised format. This means that long stayers will have the most sound advice possible when making decisions regarding their care. They will be referred to those advisers that would give them the most unbiased advice possible. This independent referral for advice would help long stayers stay confident in decisions concerning their personal healthcare. This bill’s approval is incredible important for long stayers. Should it be rejected a second time, it could force a very vulnerable population into a situation where they are seeking advice from non-regulated sources. These potential sources could force long stayers in to making wrong decisions related to their care.
Making decisions on long term care can be a vital decision for any older consumers, especially for the independent self-funder. Getting the best and most sound advice on decisions regarding care is the first step to making the right decisions. If local authorities do in fact become mandated to make referrals for advice to outside, regulated advisers, long stayers will be better equipped to make the best decisions related to their care. This can create a sense of stability for the consumer while also alleviating much of the pressure currently placed on local authorities.