The Nursing Home Fees Agency has warned that a lack of independent financial advisers who are qualified to advise on long-term care is leaving the elderly facing overwhelming care home fees. They have said that, in October, when rules come into effect that requires advisers to have passed an exam to be able to advise on long-term care, that only 1,286 will be able to do so. This is around only 1% of all UK advisers.
The agency believes that 95% of people selling their homes to pay for care do not have payment plans that would make sure enough money is available to pay for the care needed, and are concerned that, as so few advisers are taking the exam, that older people will not receive the appropriate advice.
Our view
Long term care and nursing fees is a complex and delicate area of financial planning. Quality advice: as soon as the new qualifications for Long Term Care Planning were released last year by the Chartered Insurance Institute, all advisers at were entered and all have passed.
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