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.
A Self Funder is usually someone who has assets of over £23,250 in the form of savings, premium bonds, property, business’ etc. As a result, they take full responsibility for the full payment of their own care home costs, whether they receive care in their own home, in a residential home or in a nursing home.
Most self funders are in long term care, and will probably remain in care for the rest of their life.
If you are “self funded” then you are responsible for paying for all expenses, relating to your personal care needs. You may be able to receive some assistance with costs, however, it may be likely that you will be expected to pay some of it back, either when you sell any property, or as a part of your estate.
If you are self funded you will be expected to pay for Care Home costs, including rent, meals etc, or in-house care, for example the costs for care assistants to visit you in your home.
You will need to pay the bills directly to the home, or service provider.
A self funder is someone who pays for their care costs using their own money.
They are called self funders because they are ultimately funding themselves, rather than the costs being met by the local authorities. Read More
In later life when doing the daily routine becomes a real chore, there are several options that you might choose to help make life a little bit easier. You might choose to remain in your family home whilst receiving regular visits from a Care Worker who will assist you in doing the things that you aren’t able to any more – things like cooking or getting out of bed in the morning. Another option is to move into a home where you will be taken care of on a 24-hour basis. These two are the most popular alternatives to later life living, however what does it mean if you are told you your needs will be self funded?
Self funding is when an individual takes full responsibility for paying for something, in this case paying for your care. This could be care that you receive in your own home – in the form of carers who help you with daily activities – or in a care home where you receive 24-hour care.
The idea of self funding your own care can be an incredibly daunting one, especially if you are expecting to remain in care for the long-term (rather than for a period of respite). The truth is that care is expensive, and many people worry about how quickly their money is going to bleed out of their assets. As a result, too many resolve to sell their homes to release more funds. However, this is not always necessary. Here are a few options that might be available to help you with your self funding:
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:
As we move into the later years of life, it can become more difficult to take care of ourselves, meaning that we may require extra help and assistance. This is normally in the form of care, which could be in a residential or nursing home, or even staying in the comfort of your own home. For many, this can be expensive as you receive assistance with many parts of daily life.
This can include everything from cooking and bathing to getting in and out of bed. Quite often, there may be help to cover these costs.