Published On: Sat, Nov 9th, 2019

Paying for care: Expert on self-funding for residential care homes | Personal Finance | Finance


There are a whole host of care options out there, and the type one picks may come down to their needs and preferences, as well as affordability factors. Whether it’s for one’s own self or for a friend or family member, the decision is not one which will be made lightly, with the safety and happiness of the person requiring the care being key considerations.

Should a person opt for a residential care home, then it may be that they are required to self-fund long-term care, should they not qualify for means-tested support.

During an exclusive interview, Nick Hill, Money Expert at the Money and Pensions Service, warned of what people who are self-funding residential care may need to think about.

It came as he spoke of different options, such as care homes, nursing homes, and dual-registered care homes.

“Regardless of all of those different options, the key thing is to make sure that consumers consider what the total cost is,” Mr Hill said.

READ MORE: Cold Weather Payment Scheme begins today – Universal Credit claimants could get extra £25

“So consider service charges, add-ons; look how those charges changed in previous years so you can plan ahead if a particular care home increases their fees a certain amount each year.”

Mr Hill also stressed the importance of “really shopping around”.

“See what’s available in your location or maybe near where your family is to see what the different prices are,” he said.

“Prices can often vary noticeably so it’s well worth doing that: shopping around.”

DON’T MISS

Mr Hill also highlighted the need to look into the expected future costs sooner rather than later, as seeking out the best value option in the future may not be so easy.

“There’s a really important point in terms of when you’re considering those options because once you’ve moved into a care home, because of health reasons, it can be really tricky potentially to move because of your personal circumstances and the knock on in terms of the health consequences,” he explained.

“It’s really important that you do your shopping around in advance.

“When you’ve got your family and friends in a really stressed position because you need, say, more intensive care, getting them to try and figure that out could lead to the wrong decision being made.

“Looking into things well in advance when you’ve got full cognitive ability, when you can have sensible conversations with family and friends could alleviate a lot of stress and anxiety for both you and your family, and make sure that your wishes are adhered to.”

How much does a residential care home cost in the UK?

In 2019, 15 percent of over 85s are currently living in a care home or long-stay hospital, according to LaingBuisson UK Market Reports 2012-2019.

When thinking about care, many will wonder how much the different options will cost, as well as what forms of help with funding they may be entitled to.

The cost of care depends on the type of care that is received, in addition to the location, and provider that is chosen.

According to a report by healthcare specialists Laing & Buisson in 2018, the cost of a residential care home can range from £27,000 to £39,000 per year.

However, the costs can rise to between £35,000 to £55,000 per year if nursing is required.



Source link

Most Popular News

Paying for care: Expert on self-funding for residential care homes | Personal Finance | Finance