Funding your care, to protect your family
It is easy to overlook who will pay for your care when you get older, or for the care of your family members, but not having a plan for such events catches many people out each year in the UK.
You may not have considered that some, if not all, of the cost of your care may have to be self-funded – meaning you or your family could end up having to pay a substantial amount every week for you care.
By thinking about this in advance, and speaking to a financial adviser such as ourselves beforehand, you can ensure that you know what funds you are likely to have available by the time you go into a care home, whether avoiding care home fees will be an option, and how likely you are to have to pay for your care.
How is a care home paid for?
There are options for paying for care home fees, depending on the specific circumstances of you or your loved one. The first instance is that you could be eligible to receive care home funding from the local authority for the care, meaning you could get some or all of the fees paid for. This works by having a free needs assessment by your local authority to determine what level of care you require, followed by a financial assessment to find out how able you are to make the payments yourself.
If you are not eligible for care home funding, the chances are you will have to fund your own care, or with help from family members. Some self financing options are straight forward, whilst others are more complicated. This is something we can discuss with you in more detail, taking into consideration your assets and funds you have available.
Discuss your options with us
If you are likely to need to move into a care home in the near future, or are concerned about the funding for a family member’s care, our friendly team are here to help. We have the knowledge to determine how likely you are to be accepted for care home funding, the possibility of avoiding care home fees, and how you can prepare for moving into a care home to ensure you can afford the fees that come with it. Give us a call on 01246 903053 to get started with planning your care.
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