5 things to consider when planning for nursing and care home costs
Planning for nursing and care home costs can be complex, involving various considerations such as funding options, price comparisons, and the type of care required.
At Avante Care & Support, our aim is to help everyone living with dementia and their families enjoy access to the very best in care, providing you with all the necessary advice and information to make an informed decision.
With that in mind, here are five key factors to consider when planning for nursing and care home costs.
Understanding local authority funding options
Local authorities can provide financial support for care home costs based on a means test that evaluates your income and assets, and should always be the first point of reference. To qualify, your capital, including savings and property, should be below £23,250; in such instances, your local authority is obliged to ensure your care needs are met if you cannot arrange care yourself. It’s important to contact your local council’s social services department for a care needs assessment and to discuss your eligibility for funding.
Planning to fund your care home costs privately
In the event that you have more than £23,250 in capital, you will be considered self-funded, and be responsible for paying for care home costs privately. Private funding requires careful financial planning, with the option of using savings, investments, pensions, or even releasing equity from your property. It’s wise to seek financial advice to explore the best ways to manage these costs and to consider the potential need for long-term care. Of course, once the value of your assets drops below the £23,250 threshold, the amount you will be required to pay will be reduced.
Comparing care home costs and what you get for your money
Care home costs vary depending on the type of care and facilities offered, so understanding your requirements is of the utmost importance. For example, when comparing care homes, consider what is included in the fees: meals, activities, medical care, and personal care services. In addition, is it round the clock care and are medically trained nursing staff located on site? Ensure you understand any additional charges that might apply for services not covered by the standard fees.
Funding respite care
Respite care provides temporary relief for primary caregivers and can be planned or provided in the event of an emergency. Like long-term care, funding options for respite care include local authority support for those who qualify and self-funding for others. Costs can be higher on a weekly basis compared to long-term care, so it is advisable to check with specific care homes about services and associated costs.
Considering at home care and the costs
An alternative to residential care, homecare enables those living with dementia to receive assistance while remaining in their own home. This support can help with daily activities, medical care, meal preparation, shopping, companionship, and more. Costs vary depending on the level of care required, ranging from basic assistance to 24-hour nursing care, with funding available from local authorities on a means test basis.
The friendly and knowledgeable team at Avante Care & Support will be happy to provide you with all the advice and information you need to make the best decisions possible regarding your care home requirements. Get in touch with us today to discuss your needs.
