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The Cost Of Care

An ageing population unfortunately means greater demand for care homes, and hefty price tags attached to them.

You may find it difficult to cope in your own home as you get older or your needs increase. But living in a care home can be very expensive and the costs involved in moving into a care home can obliterate your entire savings – even leading to selling your home to cater for the high costs.

Entering care means that you are automatically ‘means tested’ and all of your assets (including the family home) are taken into account. If your property, any savings, stocks, cash etc reach more than the Upper Limit you will be expected to fund the full cost of your Care fees.

In England, if your assets are greater than £23,250 you will be required to pay for all of your own care. If your assets are between £14,250-£23,250 you will be required to pay for some of your own care.

You will be asked by the Council to complete and sign a financial assessment form. They will need to know how much you have in savings and capital (including your beneficial interest in any property) as well as your weekly income.

If you are entitled to financial assistance from Local Council towards the cost of care home fees, most of the time you have to use all of your income (including Pension Guarantee Credit) as a contribution towards the fees. However, some types of income are not included in this calculation:

  • The mobility component of Disability Living Allowance
  • The Ware Pension Scheme Mobility Supplement
  • War Widows Special Allowance
  • Some charitable payments
  • Pension Savings Disregard

You will be allowed to keep a Personal Expenses Allowance of £22.60 per week.

If you have any questions regarding paying for care, or would like some advice, please don’t hesitate to give our friendly team of experts a call on 0845 8948 441.