Almost everyone who lives in a care home has to pay something towards the cost of it.
How much you pay depends on your income and assets (including any property you own).
Use the links below to find information for your situation:
My income and assets are above £23,250
If your combined income and assets (including any property) are greater than £23,250 you will have to pay the
full cost of living in a care home. People in this situation are known as self funding.
We recommend self funders get specialist care fees advice from a qualified Independent
Financial Adviser (IFA) as soon as the need for care arises.
Advantages of getting specialist care fees advice
A specialist care fees advisor will:
- discuss your personal situation and your wishes. This includes the type and quality of care home you want, any inheritance you want to leave
- look at the best way of funding your care
- make sure you are claiming all the benfits and allowances you are entitled to
- aid the sale of any property if needed and help with funding until sales are completed
- help with legal issues such as lasting powers of attorney
- look at inheritance tax planning.
Finding a specialist care fees advisor
Nottinghamshire County Council works with PayingForCare Ltd to provide specialist care fees advice. PayingForCare is a not for profit organisation providing valuable information on all aspects of long-term care.
Other specialist care fees advisiors are available. We recommend that you check any advisor you deal with has:
- experience of providing advice on long-term care funding
- holds the specialist CF8 qualification (this is required by the Financial Services Authority for any financial adviser giving financial advice about long-term care).
The Financial Services Authority also has a register of firms and individual that can provide appropriate financial advice.
The cost of specialist care fees advice
The initial conversation with any advisor should be free with no obligation to follow up their advice.
If you do sign a contract with them they will either charge a fee for their services or they will receive a commission on any financial products you buy. All fees and commissions will be discussed and agreed with you before a contract is signed.
Support when dealing with a specialist care fees advisor
You should always be able to have family, friends or an advocate with you when dealing with an advisor. If you have given someone Lasting Power of Attorney then they can deal with an advisor on your behalf.
My income and assets are below £23,250
If your income and assets (including any property) are below £23,250 you may be able to get support from Nottinghamshire County Council. To work out how much you might have to pay we will do a financial assessment. This wil look at:
We will then pay the rest, up to a standard limit for the type of care provided for you.
This is a complicated area and we have produced an easy to read guide that explains clearly:
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how we work out what you will have to pay
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how benefits can help you fund residential care
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how other people can contribute towards your fees
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guidance on managing your money.
Download a copy of Living in a care home - financial support from your council [PDF 636KB]
The PayingForCare website has the facility to talk to a financial adviser online and get instant answers to your queries.
Paying for long-term care in England is a useful guide to getting advice on paying for your own long-term care.
The Financial Services Authority is the national regulator for financial services. They have a telephone helpline for queries about financial services.
Tel: 0300 500 5000 Textphone: 18001 0845 606 1234
Age UK provide useful information about choosing and paying for care homes.
Tel: 0800 169 6565 Web: www.ageuk.org.uk/home-and-care/care-homes/
