Worried about care home fees? Why it pays to plan ahead
There’s no denying that care home fees are expensive, but by acting now and preparing financially for the possibility you may need to relocate to a home in future, you can greatly diminish the risk of your home being used to fund your fees. What’s more is that careful planning can ensure you still have something to leave behind for your children and other loved ones even if you do need to pay for care later in life.
If your assets are worth more than £23,250 you will be expected to cover your care home fees in full in most circumstances. You may still need to contribute to fees if they are worth less than this. In some cases, you may be able to access healthcare funding from the NHS, but the vast majority of people with assets over this figure will need to pay for their care themselves. There are also other factors that will determine whether you’re able to source funding or not. The rules around funding can be incredibly complex, and if a mistake is made, you may find yourself paying more than you need to.
Reducing the financial burden
At Nicholls Brimble Bhol, we have years of experience when it comes to reducing the financial burden associated with obtaining care. We can ensure partners are able to live comfortably after care is paid for, and we may also be able to protect your home from being sold so care can be funded. We can also make sure financial assessment rules are applied correctly by social services so you’re not paying more than you need to. The sooner you plan a potential move into a care home, the more desirable the outcome is likely to be.
We can provide you with in-depth, accurate advice on how to treat assets like investments, your family home, income and capital assessments and jointly-held assets. There are other funding options available to you such as interest-free loans from social services that will help you fund care and other deferred payment agreements. We leave no stone unturned when it comes to reducing your financial obligations around care as much as possible to lessen the impact of your move into a care home facility.
Get the advice you need
Options are also available to you if you would prefer to remain in your own home. These include disabled facilities grants that will help you adapt your home. We can also provide you with advice on sourcing respite care and NHS continuing healthcare awards. You may be tempted to give your home away to a family member in order to avoid or reduce care home fees, but this can be risky as you could be deemed guilty of deliberate deprivation of assets and therefore be faced with the same costs you would be paying without handing your property over. At Nicholls Brimble Bhol, we take the time to assess your situation and gain a robust understanding of your personal and financial circumstances to provide you with the best bespoke advice possible.
We have been serving our valued clients for more than 60 years and are waiting to hear from you right now if you do need to find out more about reducing the financial burden of care. Call today on 0333 016 1100 or e-mail firstname.lastname@example.org for further information.