Paying for Nursing Homes - Self funding
Whilst making the move to a nursing home can seem daunting, it can offer you a vastly improved quality of life, enabling you to enjoy your later years. Choosing the right nursing home can be confusing: there are many issues to consider, not least the question of cost. If you have capital over £27,000, you will not be entitled to any funding assistance from the State. This means that you will need to self-fund your residential nursing home costs; however, there are other places where you may be able to seek financial assistance:
Can I get help paying nursing home fees while I sell my house?
If, excluding your property, you have capital of less than £27,000, you should be entitled to state funding for the first twelve weeks that you are living in the nursing home. At the end of the twelve week period, any financial assistance that is given to you will be charged against your house and recovered from the proceeds of the sale.
Will I have to pay Council Tax once I have moved out of my house and into a nursing home?
If you have moved permanently into a residential care home, leaving your property empty, it should be exempt from Council Tax. You will probably need to complete an application form, giving details of the nursing home and the date that you left your property.
Do I have to sell my house?
If you have moved into a residential nursing home but don’t want to sell your property, the Social Services can pay for your care and put a charge against the property meaning that, when it is eventually sold, the costs will be recovered from the proceeds. However, there may be a limit on how much the local authority will pay, which could affect your choice of nursing home.
If you are very reluctant to sell your property, you could consider keeping your property and letting it out. This option is worth talking through to see if you would be able to get the rental income you need to pay for your nursing home and, if needed, if you would be able to rely on the help of friends, relatives or property agents to manage and maintain the property.
Can I get any financial help that is not means tested?
The allowances and rates available vary, depending on whether you live in England, Northern Ireland, Scotland or Wales. Attendance Allowance is a non-means-tested allowance which can be paid at a lower rate for people needing care night or day, and a higher rate for those who need care night and day. You may also be entitled to NHS Funded Nursing Care, which is a contribution towards the costs of your nursing care, paid by the NHS direct to your nursing home. Finally, if you have moved into a residential nursing home as the result of primarily health care needs, your local Primary Care Trust may, following a detailed assessment, pay your fees.
When considering funding your own nursing home, it is important that you know all of your choices. Speak to a financial specialist to find the best way to make your money last.
If you have any questions about choosing the right nursing home, or need help finding a care home near you, please contact us.