Any savings (including shares and investments), income (including a pension) or property that you own will affect whether you are entitled to any funding from your local authority.
You are likely to have to pay the full cost of your accommodation and personal care yourself if you have capital of over:
- £23,250 in England
- £24,000 in Wales
- £26,500 in Scotland
Even if you think you’re likely to need to fund all your care yourself, it’s important to have a needs assessment and a financial assessment done. These will help you to clarify what kind of care you need (e.g. personal care, nursing care) and any support – including any benefits – that you or your family may be entitled to.
Care homes price their services differently, so it’s important to check what the fees of your chosen care home will cover and what will be charged as an extra cost – ask for their pricing policy if you haven’t been given it. It may be that entertainment, hairdressing and additional wellbeing services may be extra.
If you’re likely to be funding the majority of your care we recommend talking to a financial adviser as you’ll need to know that you’ll have the resources to fund your care in the longer term.
Having completed a financial assessment with your local authority, if your capital falls below the limits above, you will receive local authority contributions towards the cost of your care. If you think this is a likely scenario, check in advance that your preferred care home would accept local authority funding if it became necessary.
Where to now?
- The Money Advice Service has a useful page on funding your own care.
- See also the list of sources of advice and support below.