The cost of care within a care home environment can vary significantly, ranging from £45,000.00 to over £160,000.00 per year. This variation depends on the complexity of care required and the type of accommodation selected. Such costs can greatly affect an individual’s financial situation, which is a concern for both those needing care and their families.
At Sydney Mitchell, we understand these challenges and the importance of early planning. Seeking advice at the earliest opportunity is essential to help families make informed decisions tailored to their specific needs. Our dedicated team is committed to securing necessary healthcare funding from the outset, alleviating the financial burden associated with care costs.
How can we help?
Funding
In broad terms there are three ways to fund a person’s care in a care placement.
- Self funding
- Local Authority assistance
- NHS continuing healthcare funding.
Self funding
The majority of people who are currently residing in residential or nursing care pay for the care and accommodation themselves. Many people find themselves in this position because the assets that they own, for example, property and monies held in bank accounts or investments have a value of more than £23,250.
If a person owns assessed assets below this value, they can expect the local authority to assist with the funding. However, there are certain types of assets which the Local Authority is not permitted to take into account when carrying out this type of financial assessment. Sometimes this will mean that people fall within the self funding regime when actually some contribution ought to be being made by the local authority.
Often people within the self funding regime are never re-assessed and therefore never have an opportunity to review whether they ought to be assisted financially by either the local authority or by the NHS.
Local authority assistance
Where a person’s assessable assets fall below the figure of £23,250.00 the local authority will step in to assist with funding.
In dealing with this calculation there are certain assets that cannot be taken into account by the local authority and it is essential that advice is taken as to what should or should not be declared so that this calculation can be undertaken correctly. Most people incorrectly assume that the local authority will simply fund the cost of their care once their capital assets have fallen below this limit and this is simply not the case.
Tracy Creed, head of our Private Client is nationally known for her experience care funding. To find out more about local authority assistance click the link here or get in touch with our team today.
NHS continuing healthcare funding
NHS continuing healthcare is where the funding for a person’s care is met by the NHS and is completely non-means tested and no financial assessment will be undertaken.
Assessments are usually lengthy and can be complex often dealing with medical issues which are outside the family’s understanding.
Tracy Creed, head of our Private Client is nationally known for her experience in continued health care funding. To find out more about continued health care services click the link here or get in touch with our team today.
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