Can we afford care?

£1,000+ a week. That’s what a care home can cost. Some are less than that, but there are plenty that cost even more. Care is expensive, there’s no doubt it. But if your parent, relative or loved one needs care and a residential home is the best place to provide it, what can you do?

While the Local Authority can pay for care, it will ask for a contribution towards the costs if your loved one’s savings are over £23,250. Often, your loved one has to pay all the costs from their own money (called self-funding). You may even be asked to top up the fees for them.

What tips do you have for finding extra sources of money to pay for care? Have you put a financial plan in place, or found help from a charity? Share your ideas with others in the Community. We’d love to hear from you.

Best wishes,

Simplyhealth team

4 Replies

  • As soon as my mum had her diagnosis for Alzheimer's, she ensure all her finances and POA were in place. We all knew mum's plans. Just having this helped so much at a very difficult time. I advise share your plans with loved ones. If you're worried seek advice CAB are very helpful.

  • One thing I was not aware of is Lasting Power of Attorney and this is pretty critical if you need care for your loved ones. My friend had a mum in her 90's with dementia who needed round the clock care but as there was no LPA in place the £1000 per week fees had to be paid by the family until the LPA could be applied retrospectively. Then they were able to sell the mums property to fund the care. This whole process took 9 months to complete which is a lot of money to find! if this is in place before it is actually needed it saves a lot of stress for all concerned. After hearing this I contacted Age UK who were very helpful and recommended a company of solicitors they worked with and 3 months later it was all set up just in case in the future it is needed.

  • We bought an annuity with the money from the sale of mum's house. A good thing we did as she is now 100 and has exceeded the time that her money would have lasted in her expensive home.

  • Age UK are very helpful and will advise the best steps. I do agree getting the Lasting POA in place before it's needed is a good thing, which we are now doing for my granddad. It's hard but getting your loved one diagnosed as soon as possible, as the health system really won't help you to help them until that has been done, which can also be a lengthy process.

You may also like...