Guide To Paying For A Care Home In 2023

Paying for Arizona Home Care from www.homecaregenerations.com

The Rising Cost of Care Homes

The cost of care homes is on the rise, with the average cost per week for a residential care home in the UK now standing at £823. This has led to many families struggling to afford the care their loved ones need. In this article, we will guide you through the different ways you can pay for a care home in 2023.

Using Savings and Assets

If you have savings or assets, you can use them to pay for a care home. This could include selling a property or using investments. However, it is important to remember that once your savings and assets have been used up, you may be eligible for state funding.

State Funding

State funding is available for those who meet certain criteria, such as having a low income or limited assets. The amount of funding you receive will depend on your individual circumstances, and a means test will be carried out to determine your eligibility.

NHS Continuing Healthcare

If you have a significant healthcare need, you may be eligible for NHS Continuing Healthcare. This is a package of care that is arranged and funded by the NHS, and covers the full cost of care, including accommodation.

Local Authority Funding

If you do not qualify for NHS Continuing Healthcare, you may be eligible for funding from your local authority. This will be means-tested, and the amount of funding you receive will depend on your individual circumstances.

Equity Release

Equity release allows you to release some of the value of your property without having to sell it. This can be a good option for those who do not have savings or other assets, but who own their own home.

Care Home Fees Annuity

A care home fees annuity is an insurance policy that pays out a monthly income to cover the cost of care home fees. This can be a good option for those who have a lump sum available, but who do not want to risk running out of money.

Conclusion

In conclusion, there are many different ways you can pay for a care home in 2023. Whether you have savings and assets, or need to rely on state funding, there are options available to suit your individual circumstances. It is important to seek professional advice to ensure you make the best decision for you and your loved ones.