How we can help care homes
We understand that finding ways to fund care fees is an important issue for your residents and their families. When entering your care they will want to ensure that they understand their care fees funding options and make appropriate plans to reduce the worry and stress.
However, many people who self-fund their care are unaware of the financial risks to their assets from having to fund care for longer than expected. Did you know that around one in four self-funders runs out of money while still receiving care*?
What happens when your resident runs out of money?
People often think that once their money is used up their Local Authority will pick up the bill. What they may not realise is that this is only true up to a point. When a self-funding resident runs out of money they will be given a personal budget by their Local Authority. If your care home costs more than their personal budget the resident will need to pay the difference or may have to change care homes to one which accepts Local Authority funded residents, which isn’t good for either of you.
Accessing the right advice about using their money in the most sustainable way can often be difficult as many people may not have the time or knowledge of who to speak to, nor realise how important it is to get financial advice from advisers who specialise in long term care funding.
How a Care Fees adviser can help
Specialist Care Fees advisers can help your residents access expert information and advice on care fees funding. This allows the resident and their families to explore all the options available in order to find the best way to fund their care - for as long as it is needed.
Getting access to suitable information and advice can help prevent your residents from running out of capital and gives them peace of mind about the future provision of their care.
Getting the right advice will help:
- Protect your residents’ capital
- Safeguard future provision of care funding
- Reduce reliance on local authority funding
- Help ensure your residents can continue to pay you for the care you provide
to find an Specialist Care Fees adviser.
*LGiU report “Independent Ageing: Council Support for Care Self-funders,” July 2013