Tuesday, August 21, 2012

3 Ways to Fund Care Home Costs

Prices of everything today are rising and home care costs are certainly no exception. The average cost of care for those living in care homes is expected to be around £33,000 per year per person by 2025. This makes many wonder how they are going to fund these costs and what options are available to them. It becomes important that you know just what to expect as far as care home costs and how you may be able to take care of these costs now so that you are prepared for your future. Thousands upon thousands of UK elderly are not eligible to receive formal support for care homes. This leaves these people wondering what else is available to help. If you are forced to fund your care home costs yourself, you should understand what assistance is available and whether or not you can count on this assistance to help you in your later years.

1.       NHS – NHS Continuing Healthcare is an option if you are in need of care home services due to poor health. In order to qualify, your health will require that you have constant health care available to you. Those who are eligible for NHS Continuing Healthcare will have been diagnosed with a condition that is not expected to improve. In order to deem your eligibility, you should contact a GP to learn how you can be assessed. If you are not eligible, there may still be hope. You can also apply to be considered for NHS funded nursing care which will provide financing for nursing home care.
2.       Local Authority – Local council is required to assess anyone who seems to need community care. Your needs will be assessed and eligibility will be determined. The criteria for eligibility can vary greatly from region to region but if you do qualify, you could receive assistance for care home funding. You should note that your finances will be checked and if you have assets that total more than £23,250, you will not be eligible for assistance.
3.       Equity – If you have equity in your home, you can release it and finance your care home costs. This should be considered only as a last resort however. You may not want to part with your home equity just to find care home costs although more and more citizens are being forced to consider this option. This is not something that you should go into without some serious thought. If and only if you simply cannot find funding in any other way, you should consider an equity release but you should be certain that you do a bit of research and look for other ways to fund your costs. If you do choose this option, ensure that you are safely releasing your equity so that you are not hit with high payments that you cannot afford in the future.

This article was written by Cheselden Continuing Care, the leading review specialists of care home claimsin the UK.

1 comment:

  1. This is a good breakdown of the ideas on funding health care. If I may add, the live in care in Sussex always has a lot of considerations for every elderly who made need this type of care.