FUNDING YOUR CARE

Helping you make informed decisions to fund long-term care.

Unless you qualify for State support, you are likely to have to fund your own care fees. When it comes to paying for care, it’s best to plan ahead. Working out how you’ll cover any care costs can help give you peace of mind about the future.

INCOME & SAVINGS

If possible, money in the bank can be used to contribute towards care costs.

INVESTMENTS

This is an option to consider, but market investments can go down as well as up, so if the value of the investment were to fall, this would increase the problem of funding your care.

THIRD PARTY TOP-UPS

It may be possible for family or friends to contribute to the cost of care.

RENTING

Letting out property could provide a regular income to support the payment of care bills. However, this is not guaranteed and rental incomes are taxable.

SELLING YOUR HOME

If it’s agreed that a property must be sold to help with the cost of care, the local authority should pay the care home fees for up to 12 weeks to allow time to sell the property.

Deferred Payment Agreement: If you move into a care home, but don’t want to sell your home, you can delay paying for care, or use other assets to repay the debt or repay after your death. Councils may charge interest on the amount owed to them.