Self Funding Care
Help self funders understand their self funding care options; understand care funding jargon and help to guide your self funding care actions.
Dementia is affecting an increasing number of people.
In 2012, there were around 800,000 people suffering with some form of dementia – this had an estimated cost of £23 billion a year to the UK economy says the Alzheimer’s Society; this figure is even higher than the combined costs of care for cancer, strokes and heart disease.
We need to find a way to relieve the pressure on our economy, but still allow sufferers to live in their own home at the same time.
Allowing sufferers to keep their dignity is of the utmost importance.
A campaign is being launched this month to highlight the need to test your smoke alarm SAFELY on a regular basis.
The campaign, which is called GOODPOINT has been launched after the results of a survey were revealed in which over 85% of people will endanger their lives by climbing on a chair, standing on a shelf or some other dangerous practice that they have always done to test their alarm; with the majority of those being aged over 55.
Before choosing which specific residential care home you would like your parent to move into, you need to be certain that residential care is the best option for their circumstances.
Residential Care is likely to be right for anyone who has trouble doing basic tasks such as dressing, getting in and out of bed, preparing meals, washing etc. You may have some minor age-related ailments, but you will not need constant care from a Nurse.
So, if you only need assistance with personal needs, you should choose a residential home, but if you have more specific needs, a Nursing Home may be a better option.
Since the governments austerity programme started, the number of older people who would have received state funded care and support in England has fallen dramatically.
There are almost half a million less old and disabled people receiving care and support from the public purse than would have been the case before the financial crisis in the UK.
The research has been released just as MP’s vote Today on the coalition’s care bill, which aims to overhaul the care system in England, but is threatening to tighten the rules further of eligibility for state support.
There are several types of care home available to people looking for self funding care. Each type of care home is suitable for a different variety of personal needs, and typically these are broken into two categories: Residential Care and Independent Living.
There are two predominant reasons why you might self fund your care home. The first – and most common – is because you have more than £24,500 in savings and/or assets and have therefore been considered capable of supporting your own care needs. The second reason is because you have made the conscious choice that you would prefer to self fund.
In other words, there is nothing that says that you have to accept any kind of assistance paying for your care home. There are many reasons why people prefer to self fund, including the idea that self funding allows more independence regarding choices that are made regarding your overall care, such as where you live.
Paying for your care in later life can be unnecessarily confusing and stressful, so it helps if you have an idea about where you might stand financially to determine whether you will have your costs paid for, or whether you will be officially classed as a Self Funder. However, what are Self Funders?
Self Funders are people who are deemed, by the government, as having sufficient amounts of assets to be able to pay for their own care, in later life.
Self funded is a term that is thrown around a lot, especially when it comes to later life solutions. In really basic terms, when it comes to paying for your later life care needs, you will either be funded or self-funded.
Funded means that your costs are paid for by the government, whilst self funded means that you have to pay for your care out of any assets that you might have, including any money and property that you own.
To be considered as “self funded”, you will ordinarily have assets of at least £23,250. But the real criteria is that you are considered to have enough weekly income to cover all of your care costs.