Understanding
how care fees funding operates when you suddenly find yourself having to
arrange a care home or nursing home for your elderly parent or relative,
can be quite daunting. In fact, nearly 60% of adults over 50 have
no idea how much long-term care costs are, and would dramatically under-estimate
the costs. Even more staggeringly over 40% of adults who have put
others into care, did not seek advice about funding, and nearly 20% had
to sell property just to cover care costs.
Whilst
there is no simple and easy solution, as each individual’s case is unique,
the clear message is to ensure that you do seek some advice if faced with
paying care fees.
The
funding advice we have outlined here at Help With Elderly Care can start
by basically outlining the care assessment process and what you can expect
to claim from the DSS and the local authority. Where it can get quite
complicated is where assets, property and joint ownership are concerned
– and this may be where you need to bring in some expert help and advice.
Although over 70,000 homes are sold each year to meet care fees, there
are often ways and means to prevent this. It is an additional distress
for an elderly family member to realize that they will have to sell their
home, and lose their family inheritance, as a result of needing elderly
care.
Ensure
that you consult with authoritative sources, and beware of rogue financial
and property companies that will prey on people in vulnerable positions.
Age UK are a great resource for advice on all aspects of funding for care
and have very comprehensive fact sheets.
There
are a number of independent UK organizations that assist the elderly and
carers with crucial financial decisions and solutions in paying for elderly
care.
Independent
advisers can help you understand the minefield of funding for care fees,
ensuring you are claiming the right DSS benefits and the NHS are paying
what they should. They can counsel to help protect an elderly parent
or relative from losing all their estate in their pursuit of funding for
care fees in the UK. Some organizations can also assist with the
sale process if this is required. They can help with immediate funds
required to cover care fees in the interim whilst a property is sold, and
even manage the whole process to the point of arranging maintenance, and
house contents valuation and clearance.
There
are equity release schemes for homeowners over 55, who have paid off all
or most of their mortgage. These can help to supplement cash-flow
by turning some of the value of a property into a tax-free cash sum, or
an income for life.
