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Financial Information

Financial Information

Paying for care can be a complex subject so we’ve answered questions around paying for residential care. Below we have included some frequently asked questions we receive about preparing to pay for a care home. You can also speak to an independent Financial Advisor to discuss your personal circumstances and ensure you receive third party support.

Who will pay for residential care?

There are several options available for paying for residential care services in the UK, including:

 

Local Authority Funding: If you have limited financial means, you may be eligible for funding from your local authority. The local authority will assess your financial situation and determine if you are eligible for financial assistance.

 

Self-Funding: If you have savings or assets, you may choose to self-fund your residential care. You will be responsible for paying the full cost of your care.

 

NHS Funding: If your care needs are primarily health-related, you may be eligible for funding from the NHS. This is called Continuing Healthcare and is only available in certain circumstances.

 

Equity Release: If you own your home, you may be able to use equity release to pay for your residential care. This involves releasing some of the value of your home to pay for your care.

 

Insurance: You may have insurance policies that can help pay for your residential care. This could include long-term care insurance or critical illness insurance.

 

It’s important to note that each option has its own eligibility criteria, benefits, and drawbacks. It’s essential to seek professional financial advice to determine which option is the most suitable for your individual circumstances.