When it comes to nursing care fee payment and knowing how best to go about paying for care home fees, it’s important you are aware of all the facts and have the right knowledge at your disposal. It can be a difficult area to deal with and there are many different avenues to pursue - in this blog we’ll look at 5 different ways you can pay for care home fees and how to go about doing so:
Selling Your Home to Pay For Care Home Fees
This is one of the most common ways when it comes to paying for care home fees, and it’s likely that most people will come across having to do this, or at least know someone who will. Most people who do this to pay for care home fees don’t qualify for financial assistance from the local authority - so it tends to be the only option available. There is degree of flexibility in how to pay if you end up selling your home, so make sure you get as much advice on all the possibilities. It’s likely you’ll only have to invest a portion of the capital released.
Do you Qualify for Free Nursing Care?
Many people who are paying for the full cost of their care are entitled to the nursing element of the care paid for them by their local authority. Paid directly to the home, this leaves you able to worry about the day-to-day responsibilities of those involved, without having to pay separately for the medical and nursing aspects of the care. This does relate only to the care provided by a registered district nurse.
Getting Your Needs Assessed to Pay for Care Home Fees
Another way to pay for care home fees is to have your needs assessed by the local authority. Your capital, and therefore ability, to pay for care home fees will be assessed by three different bandings. Courtesy of NI Direct Government Services, below is how you will be assessed depending on the assets you hold
Taking Out an Annuity.
Annuities can be expensive over long periods of time, but they are an insurance option for people who have assets but don’t necessarily want to sell their home. Essentially, they guarantee a fixed monthly sum for life paid directly to the nursing home - so you don’t have to worry about the burden of recurring fees.
Selling Assets
Although your house is an asset, selling it on will obviously be one of the most distressing and challenging things to have to decide on. Selling other assets is often a good way of paying for care home fees on a preliminary or temporary basis until a more permanent arrangement is finalised.
One word of warning - if you give away assets such as income or savings in order to avoid using them to pay for care home fees, you may be deemed by your local authority to still own them, and therefore not quality for assistance. The timing of the disposal of assets is in this case important.
As already mentioned, it’s very important when paying for care home fees to assess your options. Deciding on a care home is a big decision, and occasionally the need for such care arises when least expected.
Kingsley Smith can provide valuable advice and support when it comes to paying for care home fees.
Our services could help you or your family today - please call us on 01634 811 118 or complete our online enquiry form.