The amount that a person, or his or her family, must pay to cover care home cost depends on individual circumstances like personal assets and the type of care required.
Social Services Funded Care
Many are eligible for state funding or partial funding. The first step is to contact your local social services department and they will carry out an assessment of your care needs. After the need for care is established, a financial means test will be conducted, including personal income, assets, and property. After which, the council will make a decision regarding how much of the care home cost they can cover. It is up to the individual to cover the rest.
Can I Keep My Home?
Part of the financial review process conducted by the council mentioned above includes valuing your home. Occasionally, they may conclude that, in order to receive assistance paying for care, you must sell your home or use some financial instrument involving leverage of your property in. Home reversion plans and lifetime mortgages may be other options if you don’t want to sell your home.
Other Ways to Pay for Home Care
Investment bonds are long-term strategies for covering care home fees. Many people may not find these as useful as extracting equity out of their homes to pay for their care. However, for those with more financial resources who are willing to plan over the years, investment bonds can be a way to pay for home care. A lump sum is invested on your behalf, with annuities or other payout methods earning interest on the money you have used to buy the bonds. They continue to be paid until the owner cashes the bond or dies.
At The Accommodating Care Group, we understand that deciding how to cover care home fees can be daunting. But, with the proper amount of planning, and the help of our staff, paying for care can be managed. Contact us today if you would like to discuss your personal situation.