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Care Home Funding Options Explained

Published date: 11/07/2023 09:10

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When it comes to choosing a care home, understanding the funding options available is crucial. In this blog we will outline the different ways to manage care home funding, to ensure that you have the information you need to make the best decision.

Paying for care home fees: your funding options

We understand that navigating care home funding options can be complicated, so we have outlined details of the four main options to consider. Here's a breakdown of the funding options you may encounter:

  1. Self-Funding: If you have the means to cover the care fees independently, self-funding is an option. You'll be responsible for paying the full cost of care home fees yourself. This option provides flexibility and allows you to choose the care home that meets your specific needs.
  2. Local Authority Funding: If you are unable to self-fund, you may be eligible for care home funding support from your local authority. Local authorities have specific criteria for determining eligibility, and they will assess your financial situation to determine the level of support they can provide. It's important to note that local authority funding may have limitations on the choice of care homes available.
  3. Care Home Top-Up Fees:  In some cases, the care home you choose may have fees that exceed the amount covered by the local authority. If you opt for a care home with higher fees, the local authority will collect the top-up fee directly from a third party to bridge the gap between the local authority's care home funding and the care home's fees.
  4. Deferred Payment Scheme: If you own property, you may have the option to enter into a deferred payment scheme with your local authority. This scheme allows you to defer payment for your care until a later date, typically when the property is sold. It provides financial relief in the short term while ensuring that you receive the care you need.

It's important to note that each care home funding option comes with its own considerations and requirements. We recommend seeking advice from trusted sources such as financial advisors or the local authority to better understand the specific details and implications of each option.

Impartial Support and Guidance

To help you better understand care funding and navigate the care home funding system, we have partnered with trusted affiliates, Eldercare Group and Symponia. These organisations provide impartial advice on what financial assistance is available to help you fund your care, including lifetime annuity plans. We encourage you to explore these additional resources for informative guidance on funding options.

On the Symponia website, enter your location to find your nearest financial adviser.

Or read more about care home funding on the Eldercare Group website, where you will also find details of an impartial helpline.

You can also read more about what support and guidance is available to you in our informative Paying for Care.


Contact Us

At B&M Care, we understand that navigating care home fees and funding options can be overwhelming.

Our commitment to providing exceptional care extends to helping you navigate care home funding options. Let our dedicated team help you through the process and explore the options available. Contact us today - we're here to support you every step of the way. 

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