Deciding how to meet the cost of long-term care has become an increasingly daunting process for elderly people and their families. In particular, people are frequently left confused regarding what funding is available from the state.
Our team of professionals is well aware of this and is here to help you understand and consider all of the options available to you, both through our in-house knowledge and through relationships we have with specialists in financing long-term care for the elderly. It is vital that you are able to achieve the most suitable arrangement for you and your family.
Families typically have four main care funding options available to them…
1. Benefits entitlements
To help pay for your care it’s important to ensure that you’re claiming all of the benefits you’re entitled to. These benefits are usually easy to apply for and they often aren’t means-tested, so don’t take into account your income and savings.
2. NHS Continuing Healthcare funding
Some people with ongoing significant health needs can get their care paid for through NHS Continuing Healthcare. Your eligibility is determined by an assessment, which looks closely at your needs before recommending the level of care you should receive. NHS Continuing Health Care is non means-tested but the qualification criteria are strict. If you are eligible, you may be given the option of a Personal Health Budget to enable you to choose where and by whom you wish to be cared for.
3. Local Authority funding
If you require hourly care or live-in care, local authority funding could help pay for the associated costs. However, unlike healthcare funding, local authority funding will be means tested and how much you pay towards your home care depends on a number of factors, including your income and savings. Everybody is entitled to a care needs assessment and a financial assessment from their local authority to determine what kind of care and support would help them and how much they are responsible for paying towards their care.
4. Privately funding care
There are now various options available to you in seeking to finance your care in a simple, sustainable way. Most families are keen to ensure that they don’t have to worry about what might happen in the future whilst also protecting as much of their existing capital as possible. Some of the financial policies available include Immediate Care Plans (also known as ICPs, Immediate Annuities or Care Fees Payment Plans) and Equity Release (whereby you can raise capital, income or a combination of the two from your home whilst continuing to live in it).