Care home costs
Find out everything you need to know about care home fees and the different funding options that might be available to you.
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What’s the care home savings threshold?
The care home savings threshold is an amount of money, or ‘cap’, that determines whether or not you can get financial help from your local authority. If your savings total more than the threshold, you’ll have to contribute at least some or all of the cost towards living in a care home.
The savings threshold varies across the UK and currently stands as follows:
England – £23,250
Scotland – £32,750
Wales – £50,000
Northern Ireland – £23,250
What financial support is available for care?
If the total value of your assets is less than your country’s savings threshold, this usually means you’ll be eligible for financial support from your local authority. They can help you to pay at least some of the cost of living in a care home.
Your local authority can arrange a financial assessment for you, to work out how much funding you could get. Sometimes this will cover the full cost of your care, or it might only cover part of it. In that case, you’d have to top up the funding from another source.
What about specialist care home fees?
In that case, we can provide nursing support to ensure that all needs are met, along with any personal or domestic care tasks.
If there are specialist care needs like this, then the cost to stay at one of our nursing homes will be higher.
How do you pay for a care home?
Once you’ve found out whether your savings are above or below the savings threshold, you’ll know whether you’re responsible for paying for your care or if your local authority will be able to support you with your care costs.
If you’re paying for care by yourself, you can pay an up-front amount to ensure a guaranteed regular income towards the cost of your home’s fees. This is known as a care annuity, or a deferred annuity.
Another way to pay for care is to use a type of equity release called a lifetime mortgage. A financial adviser can help you to explore possible care payment plans.