Funding Your Care including Self Funding
Funding your social care can be a complex process. One avenue to explore is the right to an assessment from the local authority. This assessment helps determine your eligibility for care services and can provide valuable information about the support you may be entitled to.
If you meet the eligibility criteria set by the local authority, they will fund your care. The local authority criteria take into account factors such as your physical or mental health needs, your ability to carry out daily activities independently, and the impact that these needs have on your wellbeing. The assessment also considers your current financial situation.
It is important to note that not everyone will qualify for fully funded social care through the local authority. If you are found to have resources above a set threshold, you will not qualify for support as you will be deemed to have enough resources to support your care needs. Some people are fortunate to have savings, pensions, investments and insurances that will all be considered as part of the assessment by local authorities.
For those who do not meet the criteria or wish to have more control over their care arrangements, self-funding is an option. This means that you would be responsible for covering the costs of your own care services. If self-funding is necessary, it is advisable to seek financial advice to understand how best to manage and budget for your care costs. It is important to carefully plan and budget for this expense, as it can be significant. There may be various resources available such as savings, investments or equity release schemes that can help fund your care.
Certain benefits and pensions can also contribute towards funding social care. For example, if you receive Attendance Allowance or Personal Independence Payment (PIP), these funds can be used towards paying for care services.
In some cases, individuals with complex care needs may be eligible for NHS funding. This means that their healthcare needs are deemed primarily medical rather than social, and therefore covered by the National Health Service. For individuals with complex care needs, NHS funding may be an option. Continuing Healthcare (CHC) is a package of fully funded healthcare provided by the NHS for those with ongoing and substantial healthcare needs. To access CHC funding, a comprehensive assessment of your health and care needs will be conducted by a multidisciplinary team.
Care Wings recommends you consult with a financial advisor or seek guidance from organisations such as Age UK or Citizens Advice Bureau to understand all available options before making an informed decision regarding funding your social care.