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LONG-TERM CARE FUNDING
Many of us will have to face the challenge of ourselves or a loved one needing care, whether at home or in a residential care home. Are you worried about how this care is going to be funded? If so, we can help.

Care home fees

State funding
The first thing to consider is eligibility for any State funding. Currently only those with assets of £23,250 in England (£24,000 in Wales), or less are entitled to State support and this doesn’t cover the whole cost of their care.

Self-funder
If there’s no eligibility for State funding then they’ll be known as a 'self-funder'. The difference between the cost of care and the income of the self-funder is referred to as 'the shortfall'. Your key concerns will probably be:

  • How do we fund the shortfall?
  • How do we ensure the care needs can be met for as long as needed?
  • How do we preserve as much of the assets as possible?

Owning property
A person’s home won’t be included in the Financial Assessment means test if:

  • A spouse or partner still lives in the house;
  • A relative aged 60 or over lives in the house;
  • A disabled relative lives in the house;
  • A dependent child under 16 lives in the house.

 

Care home fees - how can the Family Building Society help?

We have partnered with independent advisers Charles Derby to help you find the most suitable way to meet the costs of care. Charles Derby will give you advice tailored to your specific requirements, with all possible options, including costs and risks.

 

 

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