So the subject of social care for the elderly is now ‘sexy’ in the journalistic and political sense, anyone would think there was a general election on the cards! Having waited 2 years for the Green Paper on Adult Social Care we now see all main parties using this document, and the debate that followed, as a political football with a view to scoring points rather than achieving effective change, changes it will take years to put in place.

The frustration of those working with families and individuals involved in arranged long term care continues and worry is fuelled by inaccurate and emotive cherry picking of the facts by both politicians and the the media alike. Importantly those in need of care cannot put their needs on hold to await the outcome of the current debate.

As care fees specialists, our advice line continues to answer calls from those concerned by the prospect of being forced to sell their home to fund care as it is this topic that is wheeled out as the focus of the debate whenever the need arises. Let’s be clear, the option to selling a property once the owner has taken up permanent residence in a care home is in the vast majority of cases the most practical and financially viable solution.

In this age of extended and independent families, sons and daughters have their own family homes, often in another area of the country to their loved one in need of care. There is no practical need to keep the property going once their relative has gone into the care home. In the event that a spouse or dependent relative will continue to reside at the property, there is no issue; they will not be forced to sell their property.

Let’s consider the alternative to selling, that of letting, to let the property will change the tax status and the taxable income from the property rarely covers the shortfall in care fees. This option will also incur legal and maintenance costs which will further reduce the income for the letting.

The ideal situation for anyone facing the need to fund their own care fees is undeniably to cap the cost of care and to ‘ring fence’ any residual capital for their future desires or for beneficiaries. Financial products do exist that are specifically designed to achieve this and to ensure no one need worry about ‘outliving’ their capital or have concerns that they may need to change facilities should that happen.

My own great dismay is the reluctance of the public sector to engage with specialist financial professionals and encourage families to explore the financial alternatives that could mean care fees would be guaranteed for life. This would benefit both parties as the care recipient need have no fears about covering the cost of care and the local authority will not be required to fund care when an individual’s money has run out thus preserving funds for those for whom local authority funding is the only option.

The Wealth Care Partnership continues to work towards raising awareness of financial solutions available for those facing the need to fund care NOW whilst engaging in the debate about future funding at every level. We encourage everyone to lobby their MP’s and write to local and national press on the issue’s of current and future funding options, and to continue to do so until a workable solution is found.  Lets have the agenda driven by the electorate for a change.