Local Authority funding is accessible to individuals where capital assets do not exceed £23,250. Where assets exceed this amount a person is considered a ‘self- funder’, which essentially means they will have to pay for their own care fees until such a time that their capital falls below this threshold.
If the main or only asset is the individual’s home, this will be excluded from the asset calculation if:
• A spouse or partner still resides at the property
• A relative who is over 60 or disabled lives at the property
• A child under 16 lives in the property
• The care provided is likely to be temporary
• The person needing care is in the first twelve weeks of needing permanent care
NHS Continuing Care is a non means tested package of care funded by the NHS. It helps to meet the physical and mental needs that a person has as a result of a disability, accident or illness. This can be provided in any setting, including your own home. The care is funded by your local Primary Care Trust. To qualify, you have to be assessed as having a ‘primary health’ need. Assessors will make this decision by looking at a person’s day-to-day needs.
If you are over 65, you can claim Attendance Allowance (AA). This is non-means tested and is tax free and can only be accessed if you need help with your personal care. These payments are usually added to pension payments and will be either £51.85 or £77.45 per week (depending on the extent of your care needs).
You are able to apply online at:http://www.direct.gov.uk/en/Diol1/DoItOnline/DG_4017510
This is to financially help people that care for a disabled person. You don’t have to be related to, or live with, the person you care for. In order to qualify for this allowance you must be aged 16 or over and spend at least 35 hours a week caring for a person.
For further information on all the benefits you could be entitled to, visit the Department for Work and Pensions web site at:
Disability Living Allowance is a tax-free benefit which is for disabled children and adults who are under 65. Importantly it is not payable as a result of disability but rather the needs arising from it. For example, you may need someone to look after you.
If your savings are less than £16,000 and based on an assessment, you can potentially decrease your council tax payments. With a formal diagnosis of dementia your payments will also be significantly reduced.
If you are claiming a reduction in your council tax for single occupancy you will not lose this entitlement if you have a live in carer, as your home is not the carer’s home.
This tax efficient finance option provides a guaranteed regular income designed to meet the cost of care. This is achieved through a one-off lumpsum to purchase the plan and the cost is identified based on your medical history and current health.
This enables you to use the value of your house to pay for your care fees. This means that you therefore do not have to sell your house and can receive live in care in your own home.
How much you can release depends on a number of factors such as your age, health, lifestyle, the kind of equity release plan you choose and how much your home is worth.
