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.
Where a residential home provides personal care only (such as help with washing, dressing and giving medication).
A nursing home provides care that needs to be carried out or supervised by a registered nurse (such as dressings, injections and so on) and must have a registered nurse present at all times.
There are two main types of nursing care:
- homes attended by registered nurses who lead teams of carers
- homes attended by registered mental nurses
People with disabilities, mental health problems or learning difficulties are often cared for at home by paid or voluntary caregivers (such as family and friends), with additional support from home care agencies.
If home based care is not available or appropriate, then residential care may be appropriate.
Residential care will typically provide accommodation, meals, laundry, a programme of social activities as well as help with day-to-day basic care needs such as washing and dressing where required.
Probate is a legal process that is used upon someone’s death, to determine whether their will is correct.
Anyone who has been named as an executor of the will will need to apply for a document known as a “grant of probate” that will entitle them to sort out all the details relating to the deceased’s estate.
Sorting out the estate and affairs of someone who has died is never a quick process, as everything needs to be organised, including:
- Any property that they owned, including businesses and rental properties
- Financial assets, including money in bank accounts, savings (such as ISAs and premium bonds)
- Possessions, such as vehicles, jewellery etc.
The Alzheimer’s Research Trust 2010 predicts that ”there are around 820,000 people in the UK with dementia…Dementia has no gender barriers and affects both men and women.” (DementiaUK)
These statistics are quite alarming, because sadly, there is very little can be done.
A big concern for the family of anyone with Alzheimer’s Disease, is knowing what will happen to the financial side of things – especially once they become incapable of making decisions for themselves. This is where the Court of Protection is necessary.
According to Gov.uk: “The Court of Protection makes decisions and appoints deputies to act on behalf of people who are unable to make decisions about their personal health, finance or welfare.” Read More
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.
Self funders are individuals who are deemed capable of paying for their own care needs. This could be care in their own home, or care in a residential or nursing home.
Someone is normally considered able to pay for themselves if they have assets over £23,250. This could include savings, pensions and any other money that might be paid to them, such as rent payments.
Making the decision to move a loved one into a care home is never any easy one, However, before you can even begin to contemplate which home to choose, you will need to determine how the care home will be funded.
For most people, there are two forms of funding that will be determined by your personal circumstances: