Moving into a care home can prove to be a difficult time. It can be hard to find a care home which meets all your needs and at the same time, find somewhere you will be comfortable living. It's a very difficult decision, one that can be even more challenging when you take into account the financial costs.
The financial implications of the decision to move into a care home should not get in the way of making this decision however, and always the most important consideration is the care you need.
Care fees for long term residents can be anywhere between 300 and 1,000 per week, with costs for specialist nursing care potentially higher then this. The government may contribute to a portion of the care home bill, depending on your circumstances, but in many cases there is still a shortfall which has to be met by the resident.
The National Health Service payment for your care needs may not be enough to cover the costs of the care home, so the well informed pensioner will have planned for this in their old age.
In most cases anyone who has assets of over 21,500 will have to fund their care fees in their entirety. Assets can include money you have in property, buildings or land, any national savings you have, any money you have in a bank or building society account, any money you have in bonds, stocks or shares. Even then, if you have savings of less then 21,500 but more than 13,000, you will still be assessed and a contribution may be deemed to be appropriate.
A person should not be made to sell their property to pay for their stay in the care home. And in cases like this there is usually some deferred payment scheme available, where the deficit will accumulate until it is paid after the property is sold.
Meeting care home payments can be a difficult proposition, but there are now a wide range of products available which people can use to plan for their care in old age.
The financial implications of the decision to move into a care home should not get in the way of making this decision however, and always the most important consideration is the care you need.
Care fees for long term residents can be anywhere between 300 and 1,000 per week, with costs for specialist nursing care potentially higher then this. The government may contribute to a portion of the care home bill, depending on your circumstances, but in many cases there is still a shortfall which has to be met by the resident.
The National Health Service payment for your care needs may not be enough to cover the costs of the care home, so the well informed pensioner will have planned for this in their old age.
In most cases anyone who has assets of over 21,500 will have to fund their care fees in their entirety. Assets can include money you have in property, buildings or land, any national savings you have, any money you have in a bank or building society account, any money you have in bonds, stocks or shares. Even then, if you have savings of less then 21,500 but more than 13,000, you will still be assessed and a contribution may be deemed to be appropriate.
A person should not be made to sell their property to pay for their stay in the care home. And in cases like this there is usually some deferred payment scheme available, where the deficit will accumulate until it is paid after the property is sold.
Meeting care home payments can be a difficult proposition, but there are now a wide range of products available which people can use to plan for their care in old age.
About the Author:
Dominic Shaw is writing on behalf of www.comparecarehomes.com regarding its range of services that compares nursing homes throughout the country.