How Your Finances Affect Your Care Options
Your finances have a big effect on your care options, and it is important to understand exactly how they affect your care options so you're prepared for all eventualities.
Your finances heavily affect your care options, which makes sense because care needs to be paid for, there is no such thing as free care. Even if you're eligible for your care to be paid for, an organisation, or the state is still paying for it so it is never really free.
Getting Financial Help With The Cost Of Care
Getting financial help towards the cost of elderly care is something everyone should look into before choosing their care options. Your finances greatly affect how much help you will get with the cost of care homes, and so greatly affect your care options in the long run. As a general rule, if you have assets below £23,250 then you are entitled to some help, anything over and you aren't entitled. And this includes your pension, any savings, physical assets, benefits and basically any money you have to your name. This remains if at any point your assets fall under this amount. So if you pay for care for say a year and then your assets fall to the £23,250 or below then you will be entitled to financial help in some form. The only case this is not true is if you have a continuing care need in which case the NHS may fund all of your care, but that has to be tested with a care evaluation.
How Your Capital Affects Your Financial Support
If you have less than £14,250 in assets then you will receive maximum financial support with care. This means that everything you get in benefits or pension will go to the local authority apart from a personal expense allowance, in exchange for help with the cost of care homes. If you have over £14,250 but below £23,250 then you will have to pay some money towards your care, but not all of the costs.
Does My Location Affect The Care Help Threshold?
If you live in Scotland, England or Ireland then the
threshold is £23,250, however in Wales it is £23,750.
Which Of My Savings Are Taken Into Consideration For The £23,250?
Your property is included unless an eligible family member, or your partner live there. Any private and state pension totals, any savings and interest from those savings, and benefits.
Care Home Alternatives
If you have assets over £23,250 and want to avoid care home costs, or you want to avoid a care home anyway, then there are options for you in the way of care at home. Staying at home and receiving care there is comparable to care home costs and enables you to stay in your own familiar surroundings, an option many people would prefer according to the Better At Home Report from the Live In Care Hub.
What To Do Next
If you need financial advice in relation to your care options, there are lots of places to get information including:
● Friends and family who you trust, who don't mind gathering information for you
● Paying a regulated financial advisor who has knowledge on later life care
● Your social worker
● Your local authority
● Your GP
Remember, you're never alone when it comes to making choices with your care options. There's plenty of advice available to you, to ensure the next stage of your life holds plenty of happiness, adventure and stability.