How do you organise funding?
What is involved in being means tested?
The first step is for your local authority to assess your care needs. They will create a report about your needs and the type of care that would best suit you. Unlike healthcare in the NHS, adult social care isn’t free for everyone at the point of use. If you live in England, Wales or Northern Ireland, and you have severe or complex health needs, NHS Continuing Healthcare may cover all of your care home fees. (Scotland has different care arrangements, called Hospital Based Complex Clinical Care, which is only available to people in hospital). However, if your health needs aren’t severe or complex, you will then need to have a financial assessment – or means test. This will show whether you qualify for local authority funding and if so, how much you are entitled to receive. If your capital is over the pre-set limits, you will be expected to fund all of your care yourself, which is called self-funding.
Your local authority will use nationally set guidelines to work out how much you should pay for your care based on the income and assets you have. These include savings, stocks and shares, Premium Bonds, National Savings accounts, pensions and property. It does not include the value of personal possessions or the income of a partner or family members. In reality, most people pay something towards their care, and you may find that your funding is a mix of local authority funds, personal savings and assets.
What happens if my money runs out?
If you are funding your own full-time residential care and your capital is falling towards the upper capital limit, ask your local authority for an assessment of your care needs as you may be eligible for funding. This can take some time to arrange, so be sure to discuss it with your care home and the local authority well in advance of your capital falling below the upper limit.
What are you entitled to?
To work out whether you qualify for state funding and how much you may be entitled to, the local authority financial assessment, or means test, will look at:
Funding Care Q & A
• Your regular income including pensions, benefits and earnings
Is there a way to prevent my money running out?
• Your capital including cash savings, investments, business assets, land, property (your home will not be included if your partner still lives there)
There is a financial product called a Care Fees Annuity which, once purchased with a one-off lump sum, will pay an income for the rest of your life to your chosen care home.
If affordable and set up correctly, you will always be able to self- fund your care home fees. Advice can be provided by an FCA regulated Care Funding Specialist. If you would like to know more about care homes and funding full-time residential care for yourself or a relative we’re here to help. Visit www.ariacare.co.uk to view our communities.
Finding a care home for yourself or a loved one can be an emotional process, with a lot of questions around how the care will be funded and what it will cost, so here we have answered the most frequently asked questions to support you in the process. How much does care cost? The cost of care can vary a great deal and depends on such factors as the type of support needed, location of the care home, as well as:
• Whether you are receiving permanent or temporary care • Whether the home is run by the local authority or an independent provider • Your county or region, for example, the personal care you receive in a care home in Scotland is free if you’re over 65 • Individual care home fees • Rising living costs
6 | From The Heart | Winter 2024/25
08082 816 170 | ariacare.co.uk | 7
Powered by FlippingBook