Care home fees is a hot topic for many reasons. To begin with, we are all living longer and therefore our chances of requiring some variation of care are increased, whether this be in a residential care home or via a package of care in our own properties.
There has been a trend in recent years for adult children to move away from their home towns, and therefore away from their families, meaning that elderly relatives may have less informal assistance. And of course the rising costs of care are continually making headlines, meaning we are all more aware of the issue. As a result, it is important to understand how the financial impact could affect you and your family and plan accordingly if possible.
Although the cost of Care Homes can vary across the country, on average you can expect to pay around £30,000 per year to live in a residential home and around £40,000 per year, maybe even more, if you require nursing care. There are circumstances in which the NHS will fund care in full (NHS continuing health care) but you would have to have severe health needs to qualify.
If you were to move into residential care and at that time the value of your assets (including your house) were more than £23,250, you would ordinarily have to pay the full cost yourself. If your assets were worth less than this, but more than £14,250, your Council should contribute. And if your assets were below £14,250, the Council would cover the majority of the costs, although you would still have to contribute any income you receive (less the personal allowance of £24.90 per week).
If you were to receive a package of care at home, the value of your house would usually be ignored, although you would still need to meet other criteria to qualify for financial assistance from the Council.
It can be a complex subject, depending on your individual circumstances, and our Private Client team would be happy to help answer any queries.
For more information feel free to contact our specialist team on 0161 785 3500 or email us at firstname.lastname@example.org
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Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.
This blog was posted some time ago and its contents may now be out of date. For the latest legal position relating to these issues, get in touch with the author - or make an enquiry now.