Paying for Care: Financial Assessments, Deferred Payments and Top-Ups
If you think you need assistance, care and support, you are entitled to a social care assessment, regardless of the amount of money that you have.
However, when the assessment has been completed, what happens next? Your financial contribution towards any care package will depend on the amount of savings and assets that you own.
First things first, it is important to highlight that it is the financial circumstances of the person who needs the care that are relevant, NOT the finances of their husband, wife or partner. Any jointly held assets (such as joint bank accounts) will be split 50/50.
When you have over £23,250 in savings, you will have to pay the full cost of your care. We provide advice and support to enable you to make informed decisions about arranging and paying for care, including claiming the appropriate benefits, requesting NHS continuing healthcare assessments (when appropriate) and planning to safeguard your future care for when your capital dips below this threshold.
If your savings are below £23,250 you may be entitled to some financial support from the Local Authority to pay towards your care. However you will still be expected to make a contribution from your income or capital. When your savings drop below £14,250 you will only be expected to contribute from your income.
The amount you pay will depend on the level of savings as assets that you have. If these are above the £23,250 threshold you will be expected to pay for the full cost of the care home. If you own a home and have previously lived alone, the value of that home will be taken into account. If your home is shared by your husband or wife, or certain circumstances apply, then it will not be counted in the financial assessment and will be ‘disregarded’.
If you own your home and move permanently into a care home, you may be able to take out a Deferred Payment Agreement with the Local Authority. This is basically a loan from the Local Authority, set against your property, which means that you do not need to sell your home immediately to pay for your care although interest will be applied to the loan. The Care Act 2014 has introduced some changes to Deferred Payment Agreements. We always recommend that you seek legal advice when applying for this legally binding agreement and we provide comprehensive advice based on a full consideration of your circumstances.
How we can help:
Our Health and Community Care Team can provide full support and representation regarding financial assessments, appeals and also retrospective claims. If you have a query regarding paying for care, call our friendly team today for a free initial telephone consultation on 01926 354704.
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