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© 2019 by Daniel Birch @ Risedale Estates LTD

Financing Care

Choosing the right care home can be a difficult decision. Risedale recognise that one of the major worries facing families is the financial implication. 
 

The next step is to work out who is going to pay for the care.

If your capital and income is above £23,250 you're likely to have to pay for your own care fees. Firstly you must look at all your possible sources of income (net of tax), including: 

Your own personal/company pension
Your state pension 

Capital from:
- the sale of your property
- the sale of other assets 

Income from investments such as:
- National savings
- Bank or building society accounts
- Shares
- Investment trusts
- Unit trusts
- Insurance policies 

 

To help you assess potential sources of income, you may wish to speak to professional advisors, such as your accountant, solicitor, bank manager or specialist independent financial advisor. You are advised to seek several views in order that you can make an informed decision.

 

Financial support is available to clients in nursing or residential homes. Details are available from the Local Authority. 
 

Your local authority will carry out a care needs assessment to find out what support you need.

 

Your contribution to the cost of your care is decided following a financial review, called a means test. Following the means test your local authority might pay for all your care, part of it or nothing at all.

 

The means test will look at:

  • your regular income – such as pensions, benefits or earnings

  • your capital – such as cash savings and investments, land and property

 

If you are currently sharing a matrimonial home, the value of your home will not be included in the financial assessment by social services. 

If you don't qualify for Income Support, you may still be entitled to claim Attendance Allowance, regardless of your income or capital.


For further information about Attendance Allowance, Disability Living Allowance, Carer's Allowance and Carer's Credit. Please contact the Attendance Allowance Helpline directly on 0800 731 0122 and ask for a claim pack.

If you fund your own care and your funds reduce to the £23,250 threshold, you will then be entitled to support from the Local Authority.

 

Approximately three months before your funds are expected to reach the threshold, you should contact your Local Authority and explain the situation. Your care needs will then be assessed, and the level of financial support determined.

 

If you have a significant health care need the NHS may contribute towards the cost of your care. If you’re eligible for NHS continuing healthcare, your care home placement will be free.  Please follow the AgeUk link below for further information on NHS continuing health care.

 

https://www.ageuk.org.uk/information-advice/care/paying-for-care/paying-for-a-care-home/#