In the UK, the cost of elderly care can cost everything from £20,000 a year, right up to £50,000.
As well as taking into account your location, the costs of care are calculated depending on the kind of facility you chose, the specialist care available and other factors.
For some people, your pension pot and life savings just won't cover these costs.
How then, can you afford the level of care you - or your loved ones - require? This article is your essential guide to the elderly care finance options available in the UK: State Funding Care home fees are expensive, and some people may qualify for state funding.
You may be entitled to financial support from your local authority if: - You have capital below £14,250 you will be eligible for maximum support - You have capital below £23,250 you will be entitled to some support However, just because the state is helping, doesn't mean you have no choice in your care home.
As long as it is considered suitable for your assessed need and not cost more than they have set aside to pay, you can chose any facility.
If the home you're looking at costs more, there are still options open to you.
Some local authorities will allow the fees to be topped up by a third party who is financially stable enough to do so long term.
You are not permitted to top these fees up yourself.
Self Funding If you're not eligible for funding from your local authority funding, there are a number of forms of financial assistance you or your loved ones may be eligible for.
Some people will sell their property to find the funding for their care homes.
In some circumstances - depending on your capital - social services and local authorities will help you pay fees for the first 12 weeks of your care.
If you don't want to sell your home, you don't have to.
There is still a certain degree of financial help out there, so speak to your local authority.
There are also a number of options that are not means tested.
Again the options open to you depend on a whole host of factors such as if you require specialist care, whether your stay is permanent, and more.
Depending on these circumstances, you may be entitled to help from the NHS or your local Primary Care Trust following assessments.
Paying for elderly care is the least of your worries when making the transition into a care home.
However, by carefully researching the options and speaking to your local social services, you can make paying easier than ever.
As well as taking into account your location, the costs of care are calculated depending on the kind of facility you chose, the specialist care available and other factors.
For some people, your pension pot and life savings just won't cover these costs.
How then, can you afford the level of care you - or your loved ones - require? This article is your essential guide to the elderly care finance options available in the UK: State Funding Care home fees are expensive, and some people may qualify for state funding.
You may be entitled to financial support from your local authority if: - You have capital below £14,250 you will be eligible for maximum support - You have capital below £23,250 you will be entitled to some support However, just because the state is helping, doesn't mean you have no choice in your care home.
As long as it is considered suitable for your assessed need and not cost more than they have set aside to pay, you can chose any facility.
If the home you're looking at costs more, there are still options open to you.
Some local authorities will allow the fees to be topped up by a third party who is financially stable enough to do so long term.
You are not permitted to top these fees up yourself.
Self Funding If you're not eligible for funding from your local authority funding, there are a number of forms of financial assistance you or your loved ones may be eligible for.
Some people will sell their property to find the funding for their care homes.
In some circumstances - depending on your capital - social services and local authorities will help you pay fees for the first 12 weeks of your care.
If you don't want to sell your home, you don't have to.
There is still a certain degree of financial help out there, so speak to your local authority.
There are also a number of options that are not means tested.
Again the options open to you depend on a whole host of factors such as if you require specialist care, whether your stay is permanent, and more.
Depending on these circumstances, you may be entitled to help from the NHS or your local Primary Care Trust following assessments.
Paying for elderly care is the least of your worries when making the transition into a care home.
However, by carefully researching the options and speaking to your local social services, you can make paying easier than ever.
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