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5 Myths about Care Home Fees and Funding

Published date: 29/11/2023 13:09

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Considering residential care for yourself or a loved one can be a daunting task. One of the biggest concerns for many people is the cost of care, and there are often misconceptions about care home fees and funding. The social care system can also be confusing, which does lead to misinformation and misunderstanding. We're here to support you in understanding the fees and funding options for your loved ones' care; that’s why in this article we'll debunk five common myths and provide you with the real facts you need to make informed decisions.

Myth 1: The Government Fully Covers Care Home Costs

Reality: While the government provides some financial support, it will not cover all care costs in full. In the UK, you may be eligible for local authority funding if you have limited assets and income, but it's essential to understand that this funding often has strict eligibility criteria. Most people will need to contribute to their care costs, and the amount varies depending on your financial situation. The council will determine how much support you are entitled to through means testing, which takes into consideration your income and assets. 

Myth 2: Selling Your Home Is the Only Way to Pay for Care

Reality: It's a widespread belief that selling your home is the only way to cover care costs. In truth, your home is just one of the assets considered in the financial assessment. If you don’t want to sell your home or the home of a loved one, don’t worry. Many people use a combination of savings, pensions, and investments to pay for care without selling their property. There are also options like deferred payment agreements that allow you to delay selling your home until after you've passed away. If you own a property, the council will take this into consideration during the means testing process. As a family-run, family-focused business, we understand that selling a home may not be an option for you. That’s why we’re here to support you in understanding the fees and funding alternatives for your loved ones' care.

Myth 3: Care Home Costs Are Standardised Across the Board

Reality: Care home fees can vary significantly depending on the location, level of care, whether dementia care is necessary, and the facilities provided. High-end care homes with luxurious amenities will naturally come with a higher price tag. It's crucial to research care homes in your area, compare their costs, and assess the services they offer to find the best fit for your needs and budget. If your local council is supporting with fees, this will alter which care homes you can choose. 

Myth 4:  Council Funding Will Stay the Same 

Reality: Like every service, care home fees are subject to fee increases, due to factors such as an increase in care needs and inflation. If your local council is assisting with funding, you can be reassured that the amount they assist you with is subject to change upon review. This means that if your fees have to go up, then the council can review the amount they support you with to assist in increased costs. 

Myth 5: You'll Lose All Control Over Your Assets

Reality: Many people worry that paying for care means giving up control of their assets. However, there are legal and financial planning options available that can help you protect your assets and plan for the future. Consulting with a financial advisor can provide valuable insights into managing your finances while ensuring you receive the care you need. 

Navigating the world of care home fees and funding can be complex, but dispelling these common myths is a significant step toward making informed decisions. Remember that the cost of care varies depending on your unique circumstances and the care home you choose. It's essential to seek professional advice and plan ahead to ensure that you or your loved one can receive the care needed without unnecessary financial burdens. Making informed choices will provide peace of mind and allow you to focus on the most important aspect: quality care and well-being.

At B&M Care, we know that your loved ones deserve the best. Our commitment to providing exceptional care extends to helping you navigate care home fees and funding options. We accept both private and local authority funding, whether you are interested in coming to stay with us permanently, or for a respite break. 

If you would like to know more about paying for care, we have provided everything you need to know, as well as additional resources from trusted affiliates, on our website. We understand that navigating care home fees and funding options can be overwhelming, so we are here to support you and your family every step of the way. Please reach out if you have any questions, and let our dedicated team help you through the process and explore the options available. 

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