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Paying for a care home yourself
Many of the people in our care homes (over 70 per cent) get some sort of financial assistance, but others pay their own care costs.
If your circumstances mean you will be paying for your own care, this guide offers some helpful information.
How much will you be paying?
The cost of staying in one of our care homes is different for everyone. Every care home is different; every resident and their care needs are different and these factors affect the cost.
Our article ‘How much does a care home cost’ will give you an idea of the fees involved. If you would like more specific information, a care home manager will be able to help.
Getting financial assistance
It’s always worth finding out if you’re entitled to financial assistance. Even if you won’t be getting help from your Local Authority, there may be benefits available to you during your stay in a care home.
Our sections ‘Getting financial help to pay your care home costs’ and ‘Claiming benefits if you’re in a care home’ will help you work out what you can get.
Insurance policies that pay for care costs
There are three types of insurance that may help you pay for care costs.
1. Immediate care plans
Immediate care plans give a guaranteed income for life in exchange for a lump sum up front.
How much a policy costs depends on how long the insurer thinks you’ll need care for, and the level of care you’ll need. Payments start as soon as you take out the policy and continue for the rest of your life. The income from the policy is paid directly to your care provider and is tax free.
2. Long-term care insurance
With long-term care insurance you pay premiums for many years before you need the care. It’s no longer widely available, but if you already have one of these policies, it should still be honoured.
3. Private medical insurance
Private medical insurance covers you for medical or hospital costs, but probably won’t cover long-term care costs. Some policies do, however, include cover for a limited amount of convalescent care or home nursing. If you have private medical insurance, ask your insurer what you are covered for.
Do I need a medical assessment if I’m paying my own costs?
If you’re asking your Local Authority to help with the cost of care, you’ll need a health assessment – so they can understand the sort of care you’ll need.
Even if you’re paying your own costs, a health assessment is a good idea. You may think you know what sort of care you need, but only a professional assessment will tell you what you actually need.
If your situation changes
Your financial and medical situations may change while you are in a care home. For example, if you’re using capital to pay for your care, you may find that, as your capital is reduced, you become eligible for financial assistance from your Local Authority. Or, if your medical situation changes you may qualify for new benefits.
So, it’s a good idea to review your circumstances from time-to-time, and to keep your Local Authority up-to-date on your situation.
(See under the heading ‘Getting financial assistance’ above for more information on assistance and benefits.)
Important note: The information in this article is for general information only and should not be taken as financial advice. And although we’ve taken every care to make it accurate we can’t accept any liability for errors or omissions.
Help and guidance
We’re experts and we’re here to help you.
For help and guidance on aged care advice, call our contact centre at any time (we’re here 24 hours a day, 7 days a week) on 0800 011 44 04 or fill in our contact form.
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Paying for care guide
Our free guide is an introduction to the different ways of paying for long-term care in a care home, from local authority funding to paying the full cost yourself.
Do you qualify for funding?
Find out if you qualify for financial help with the cost of care.