Key Points
- On top of daily living expenses, there may be additional costs in taking care of your loved one.
- If necessary, there are financial assistance and support available.
- Stay updated on matters relating to mental capacity, deputyship, and legislation relevant for your loved one.
Financial planning is an important part of care planning. It involves managing the cost of medical assessments, interventions and any additional services required. At times, caregivers may also give up their jobs to provide full-time care to their loved ones, thus impacting the family’s finances and increasing the need for a financial plan. You can approach Special Needs Trust Company (SNTC) for help on developing a plan that is tailored for your loved one. With this tool, you can systematically work out your loved one’s future financial needs, while planning for their care.
Find out the additional costs involved in this care plan, and seek financial assistance if necessary.
Legal considerations are also important to understand. You can read up on laws that protects the interests of your loved one and how you can continue making legal decisions for them after they turn 21. It is helpful to stay updated on matters such as deputyship and laws such as the Mental Capacity Act.
Resources
*Only available for members of CaringSG