We have pulled together this guide to help alleviate some of these stresses during this difficult time, by outlining the different payment options that are available in the UK for care:
Local authority support:
You will not be entitled to financial support towards the cost of care from the local authority if you have savings worth more than £23,250 or you own your own property. If you are unsure what you are entitled to it is best to check with your council and ask them to do a financial assessment, this will then identify what support, if any you should receive. It is worth noting that you are only able to receive the maximum level of support if your savings are below £14,250, otherwise you will still have to contribute towards some of the cost yourself.
Self-funding:
If your capital is over £23,250 you must pay the full fees, and this is what is referred to as self-funding. However, even if you are self-funding, you may still be entitled to other forms of financial assistance, therefore it is worth seeking independent financial and legal advice to discuss your options.
Using rental income:
Income generated from tenants can help meet care fees. Please be aware that this income is still taxable, and it is worth considering the responsibilities involved with becoming a landlord.
Equity release:
By far one of the most common ways to pay for care, if you are a homeowner, is to use equity release. This is when you can access some value of your home whilst you remain living in it. These schemes, however, have some risks attached to them, so you should consider these properly before any decision is made. The two main types of equity release schemes are lifetime mortgage and home reversion. It’s important to get advice from a specialist before using equity release so that you fully understand what is involved.
Long-term care insurance:
Increasingly in the UK more insurers are starting to offer long-term care insurance. It is useful as it provides the money you require if you must pay for care for either yourself or a loved one.
We recommend you get in touch with the following local authority helpdesks for further information and to discuss your options for care support:
Bournemouth Care Direct
01202 454979
www.bournemouth.gov.uk/AdultSocialCare
Borough of Poole Adult Social Care Help Desk
01202 633902
www.poole.gov.uk/social-care-and-health/help-for-adults/adult-social-care-contacts
Dorset County Council Adult Access Team
01305 221016
www.dorsetcouncil.gov.uk/care-and-support-for-adults/contact-adult-social-care.aspx
Dorset Clinical Commissioning Group (CCG)
01202 541400
www.dorsetccg.nhs.uk/services/continuing-healthcare/funded-nursing-care/
