Paying for care homes is an expensive business; the average cost of a nursing home in England and Wales is in excess of £1,800 a week, or £93,600 a year. This figure can be higher still and often in the region of £2,500 a week, for specialist dementia care and EMI homes.
Paying care fees is an expense that many people are unaware they are liable for until it is too late. Clients tell us that they incorrectly assumed the cost of care in their old age would be met by the state, and were under the impression that because their only asset is the family home they wouldn’t be liable for any costs.
In fact, the reality is that the value of the family home is taken into consideration when calculating whether an individual has assets exceeding the local authority means testing threshold of £23,250. Due to the fact the average home in the UK is worth in excess of £250,000 the typical scenario is that anyone that owns their home will be liable for the full cost of their care.
Once an individual’s assets fall below £23,250, they have to continue to contribute towards care costs until they fall to the lower level of £14,000. Sadly even once their capital assets are below £14,000 the individual will have to continue to pay towards their care from any income they receive, normally from a pension.
The exception to this rule is where the individual’s need for care is primarily a health one. In this case, the NHS to fund the costs of paying for care in full by providing funding known as Continuing Healthcare.
If an individual has significant ongoing health needs, it is important to secure their entitlement to continuing healthcare to avoid the liability of paying for care. The issue is that the NHS is increasingly restricting access to the funding and individuals who ought to be eligible are being denied continuing healthcare. Compass CHC are specialists in continuing healthcare and have a high success rate in securing funding for our clients in the swiftest possible timeframe.
Unsure if you or a loved one qualifies?
If you think you or a loved one may be eligible for CHC funding, don’t delay. We’re here to guide you through every step.
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