Care Home Funding Options Explained

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.

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.

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.

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