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Paying For Care Home Fees
Finding the right care for a loved one is crucial, but understanding paying for care can be overwhelming. With several care homes across Bournemouth and Poole, LuxuryCare are experts in care home funding and are here to guide you through the various options available to seniors in our vibrant communities.
Understanding Your Care Needs:
Before worrying about paying for care, you must determine the level of care needed as this is likely to determine the costs. This could range from low-level residential care with minimal assistance to 24/7 skilled nursing care or specific dementia care. Knowing your loved one’s specific needs will help you explore the most suitable and cost-effective funding options.
Get in touch with our friendly team to discuss your loved one’s needs, determine their care needs and discuss potential options for funding care home fees. Call us on 01202 037373.
Exploring Financing Options:
Learn more about the different options to finance care at LuxuryCare.
1. Self-Funding And Family Support
Using personal income and savings as a way of paying for care is an option for some individuals and families.
Those with capital levels over £23,250 are required to fund their own care. It should be noted that capital levels exclude the main residential property if occupied by someone else over the age of 65.
Family members may be able to contribute financially or provide practical assistance, reducing the overall cost of care.
This is known as a top-up as often they simply “top-up” the payments made by the resident.
Working with third parties, we are able to guarantee all of our residents who have paid for their care for a minimum of 2 years, that our home will remain their home. We may just need to change the view from the room. We work with third parties to make sure we maintain our guarantee.
2. The LuxuryCare Deferred Payment Scheme
LuxuryCare operates a simple deferred payment scheme which is similar to that operated by BCP. However, we do not charge interest or make the process overly bureaucratic.
Moving into care can be a difficult and unsettling process, and we do not want our scheme to exacerbate this situation. This scheme means you don’t have to sell your home straight away, but when the time comes, you can use the money from the sale to pay for your care.
Speak to a member of our staff when you view one of our care homes about this scheme to get details. Or call us on 01202 037373 to enquire about it.
3. Allowance & Eligibility Of Government Support
Depending on your circumstances, you may be eligible for financial assistance from the government to help with paying for care home fees. Explore options like Attendance Allowance or Personal Independence Payment.
If you live in a care home, you can claim attendance allowance to help cover your care home costs.
Unfortunately, the Disability Allowance is changing, and being replaced by other benefits, so if you are already claiming this benefit, or looking to claim it to help pay for care, you will need to look for alternative options.
4. Equity Release
This financial product allows homeowners to access a tax-free lump sum or ongoing income by drawing against the value of their property in order to pay for care required.
It’s crucial to seek independent financial advice before considering this option.
LuxuryCare's Commitment to Your Loved One
At LuxuryCare, we understand that navigating options to finance care can be complex. We offer comprehensive support and guidance to help you understand your financial options and find the most suitable care solution for you and your loved one.
If you are interested in one of our care homes but are unsure about financing the care for your loved one, get in touch with our team today. We are always happy to arrange a meeting where we will be able to discuss your options and show you our home.
Arrange a meeting today by calling 01202 037373 or completing our online contact form.
Paying For Care FAQs
There are a number of resources where you can gain more information about the eligibility of your loved one.
Usually, your local authority will complete a care needs assessment and financial assessment which will determine your eligibility for each type of local authority funding.
It is recommended that you speak to your local authority for more information.
A financial assessment is also known as a means test. This assessment will be conducted by your local authority who will look into your finances and income to work out how much you will contribute to your care.
Included in our care home fees is:
- Modern Room & amenities
- Catering
- Activities and day trips
- Laundry and housekeeping
- Chaplain
- Well-being support
- Medical services
Local authorities are able to subsidise part or all of your care funds.
Once the amount has been worked out, there are three easy ways you can get your budget:
- Direct debit to your account
- Fees are paid directly to your care providers
- An individual or a service manages your funds for you.
To start the application process for one of the local authority funding options, you should contact your local authority.
You can find out more about the options available and how they work on the NHS website.
Yes, your local authority will have various funding options available, such as NHS Continuing Care, or NHS funding nursing care.
Speak to your local authority to learn about your options.
You will not be forced to sell your home to pay for care fees, however, your home will be included in care needs and financial needs assessments if you are moving out of it and into a care facility and you are leaving it empty.
Yes, in certain situations, your home will be excluded.
Situations include:
- your partner or former partner, unless they are estranged from you, lives in the house
- your estranged or divorced partner IF they are also a lone parent is living in the house
- a relative who is aged 60 or over lives in the house
- a relative who is disabled lives in the house
- a child of yours aged under 18 lives in the house
Yes, absolutely. You can choose a care home that is more expensive than the funds provided by your local authority, you or other friends or relatives can top up the funding to pay for the care.
