Saturday, February 21, 2015

The Benefits Of A Long Term Care Specialist

By Olivia Cross

At some point in time, we need some financial advice. We depend on this information to make far-reaching decisions. As such, the information can only be beneficial if it is unbiased and comes from an expert. This information is particularly important when working on how to pay for the long term care whether for yourself or for your loved ones. An independent long term care specialist can be very helpful for you.

An independent long term care adviser whose primary focus is in the area of nursing funding is often referred to as a specialist adviser. They fall under the regulation of the Financial Conduct Authority (FCA). This means that one has to stick to the strict code of conduct and ethics set by FCA. They are also expected to take the responsibility for the products that they recommend.

There are well versed with many products and do not focus on a single product. Theirs is to educate the user about all products that are on offer, their advantages, costs, and risks that come with each product. In order to fulfill their duty, they have to get certifications in CeLTCI and CF8.

In order to offer the best advice, they go to the fact-finding mission that involves assessing the clients in a number of issues to determine their unique circumstances and the products that will best fit them. Some of the issues to be considered include the family attitude and the care needs.

In this fact-finding process, the care that is available at present is determined. This is then followed by what will be needed in the future. This depends on the financial cost of the expected care, the clients' assets and liabilities. The size of the family and the marital status are also factors to consider just like the residence (location) and the risk perception of the client.

You need these advisers to help you analyze most bonds, that tend to be complicated. Some options are easily accessible and may not need much of expert advice, but most bonds require that you are taken to the risks, the costs, the time frame and the benefits that may come along.

As a client, you have rights and can be compensated for wrong advice. If, for instance, you are advised to buy an investment bond that has high penalties for early withdrawal when the specialist was fully aware that you will need to access your money in the near future, you can be compensated for mis-selling.

The cost can also vary very widely. It is dependents on a number of variables such as the nature of advice needed. The complexity of your situation, the place where you live and the products offered. In most cases, the fee varies from $75 to $250 per hour. It is advisable to pay the fee in installments.

It is advisable to find a long term care adviser closest to your city. This saves you a lot of expenses and is the surest way of being closer to your adviser. With the services of the right professional, you should not be worried about the future.

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