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. Before entering your care they’ll want to ensure they understand all their care fee funding options, and make appropriate plans to reduce their worry and stress. Did you know that 24% of self-funders (about 1 in 4) runs out of money while still receiving care*? 

What happens when your resident runs out of money?

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. 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 an individual’s personal budget, the resident will need to pay the difference or may have to change care home, to one which accepts local authority funded residents. This isn’t good for either you or them. 

Accessing the right advice on how to use their money in the most sustainable way can often be difficult. Many people may not have the time, or knowledge of who to speak to, or 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 expert advice allows them 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 money and gives them peace of mind about the future provision of their care.

Getting the right advice can help:

    • Protect your residents’ capital
    • Safeguard future provision of care funding
    • Reduce reliance on local authority funding
    • Ensure your residents can continue to pay you for the care you provide
    • Ring fence an inheritance for their loved ones

Click here to find an Specialist Care Fees adviser.

*LGiU report “Independent Ageing: Council Support for Care Self-funders,” July 2013