Funding Your Own Care
Paying Your Own Care Costs
You will need to fund the full cost1 of your care home fees or domiciliary care costs if:
- You do not qualify for NHS Continuing Care funding, and
- You have assets (including property) worth more than £23,2502
If you are not eligible for continuing care and you have assets worth between £14,250 and £23,2502, you will have to make a contribution towards the cost of your care.
Currently, 41% of people receiving domiciliary or residential care are ‘self-funders’ who pay for their own care, spending a total of £5 to 8 billion a year.
Deciding How To Pay For Your Care
Long term illness or disability is a life changing experience. If you have to fund your own care, you will need to plan carefully to avoid unnecessary financial pitfalls and disappointments. To make sure you receive the best advice and information, Cheselden has teamed up with market-leading independent financial advisers who specialise in long term care funding.
They will advise you on all aspects of funding your care: from claiming benefits to reduce the amount you have to pay, to making investments to cover your care home fees. Their care fees specialists can also advise on options to help protect your property and assets so you can leave an inheritance to your chosen beneficiaries – giving you peace of mind as well as financial security.
Care Funding Options
There are a number of different ways to fund your own care. Options include:
- Insurance products designed to fund care fees
- Equity release products
- Investments and annuities
- Inheritance tax planning
The method(s) you choose will depend on your individual circumstances and a care fees adviser will help you decide what is most suitable for you.
Find Out More About Funding Your Care
Let our expert consultants provide clear and concise advice when you need it most. To speak to a care fees specialist, call us free on 0845 659 1588 and we will put you in touch.
Notes
1. If you live in a care home and do not qualify for continuing care, you may be awarded NHS-funded Nursing Care. This is not means-tested and will cover the costs of care provided by a registered nurse. However, your local authority will still means-test your ability to pay some or all of your accommodation costs. For more information, please read our Factsheets 5 and 7.
2.Figures shown are for England, 2012/2013 financial year.