How do I fund my care?

For all of us in Guildford and Woking, finding the money to pay for care can be worrying. Especially if you or your loved one are already dealing with sickness or a disability. But you are not alone. So how do I fund my care?

Firstly, and obviously, you can fund your home care by paying for it privately from your savings, using money from investments, selling assets or with help from family members.

But not all of us are lucky enough to be in a position financially to pay for care, so what happens then? Well, you do have some options.

• You can contact your local authority to assess your eligibility for social care funding. They may provide financial assistance based on a means-tested assessment.
  
  Currently in the UK, if you have over £23,250 in savings, earnings, pensions and benefits then you may have to fund care yourself.
  If you have less than £14,250 then your local authority will probably fund your care.
  It’s important to say, services such as companionship might not be funded.
  
  If you have between £14,250 and £23,250 then you may asked to part fund your care.
  
• Individuals with complex healthcare needs may be eligible for NHS Continuing Healthcare funding, which covers the full cost of care for those deemed eligible.

• You also need to consider Personal Budgets and Direct Payments: Personal budgets and Direct Payments allow you to have more control over your care arrangements.
  
  Direct payments provide funds directly to your bank account, enabling you to pay for and choose your own care providers. You can also top up the service by paying privately for additional care support on top of that covered by your local authority.

• Then we have Attendance Allowance. This is a non-means-tested benefit for individuals aged 65 and over who need help with personal care due to a physical or mental disability.

• We also have Carer’s Allowance which provides financial support to individuals who care for someone for at least 35 hours per week.

• Don’t forget about Charities. Many charities offer grants and services such as nurses to individuals in need of support. A great example of this is McMillan.

• It’s also worth checking any Insurance Policies: Some policies, such as critical illness cover, may provide coverage for homecare services.

As always, the team at Caremark Guildford and Woking are always on hand if you have any questions or need advice.

Quality Home care Guildford. Quality Home care Woking.

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