Navigating Care Home Funding: Where To Start
If you’re thinking about moving into residential care, there are care home costs involved that you need to consider, as everybody has to pay towards care and accommodation.
Some local authority funding for care homes is available, but to receive this, your capital (your savings and other assets) must be less than £23,250. The value of your home will also be included in the calculations – unless your partner, a relative who is over 60 or incapacitated, or a child under 16 who you or a partner have legal responsibility for still lives there.
If your capital is above £23,250, you’ll have to cover the cost of accommodation and personal care yourself.
The only element of care that is free of charge to everyone is nursing care. Your nursing requirements will be determined by an independent nurse who will carry out a comprehensive assessment prior to you moving to a care home, or during your stay should your needs increase.
However, there are some care home funding options available; take a look at our guide below:
NHS Continuing Healthcare
NHS Continuing Healthcare is a care home funding package arranged and paid for by the NHS. It is non-means-tested and to be eligible, your primary needs must relate to your health and meet the criteria set out by the NHS National Framework.
NHS-Funded Nursing Care
NHS-funded nursing care is another NHS care home funding option. This package covers the cost of nursing care only. Accommodation and personal care is paid for separately.
If you require nursing care from your care home, you may be eligible for NHS-funded nursing care. This is non-means tested and is paid directly to the home by the Clinical Commissioning Group (CCG). The current rate is £187.60* a week (*April 2021).
Depending on the amount of care home funding you receive, there may be a shortfall and, if this is the case, you’ll have to ask a family member or friend to make up the difference. This is known as a ‘third-party payment’ or ‘top-up’.
Paying For Your Own Care Home Costs
If you’re paying for your own care home costs, forward planning and seeking advice on the options available to you will help you make your money go further. Care home funding information can be obtained from charities, such as Age UK, or an independent financial advisor who specialises in long-term care funding.
Even if you are self-funding your care home costs, it’s important to have an assessment of your care needs from your local social services department, as you may miss out on financial support, such as Attendance Allowance and Pension Credit.
If you’re aged over 65 and need someone to help care for you, you may be eligible for Attendance Allowance, a non-means tested, non-taxable benefit from the Department of Work and Pensions, or for Pension Credit.
Attendance Allowance is currently £60* a week for those needing care by day or night, and £89.60* a week for those needing care both during the day and night (*April 2021).
If you have any questions about our care home costs, please contact us here.