If your loved one needs to go into care, you may be understandably worried about how you are going to afford to pay for it. Most people are expected to pay at least something towards the cost of their care, although the situation will be different depending on what your loved one has saved over the years. Here’s what you need to know.
To decide how much you or your loved one are going to need to contribute to their care, there is a process to go through with your local authority. This process involves four main steps:
If the needs assessment and plan pointed to permanent residential care as being the best option for your loved one, the means test will decide whether the council is going to pay anything towards this care. In general, if your loved one has more than £23,250 in capital (that’s savings, shares and property) they will have to pay for everything themselves.
If they have between £14,250 and £23,250 in capital, they will need to pay something towards their care, as determined by the local authority. Under £14,250 is ignored for this means test. Income is also included in the calculations, which can encompass pension income as well as welfare benefits. Usually the amount your loved one needs to pay should leave them with a minimum of £24.90 per week, known as their Personal Expenses Allowance.
There is also the choice to choose a privately run care home, in which case funding options vary and should be discussed directly with the care provider and an independent financial advisor.
They could also consider buying into an immediate needs care payment plan, which like an annuity provides an income for life which can be used to pay for care. It’s a good idea to get a specialist financial adviser involved at this stage, as the different options can be confusing to negotiate.
Here at Westgate, we develop a unique care plan based on your loved one’s individual needs, and can work with you to develop a plan and room options that suit not only their needs, but your budget too. Talk to us for more advice on paying your fees and the options available to you.
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While the information on this website is considered to be true and correct at the date of publication, changes in circumstances after the time of publication may impact on the accuracy of the information. The information may change without notice and Westgate Healthcare is not in any way liable for the accuracy of any information presented or in any way interpreted and used by a user.