The cost of care in the UK is complex and often confusing with families finding it difficult to navigate and understand how much they might pay for care.
As we age, we may need some care and support for ourselves or our loved ones and questions about the average cost of care, how to fund it and what benefits are available may come to mind. In this article I hope to briefly answer some of those questions.
Average Annual Cost of Care
The average annual cost of care in the UK varies depending on the level of care required and the type of care provided. For residential care, the average cost is around £40,000 per year, while nursing home care can cost upwards of £50,000 per year. Home care, which involves carers visiting an individual’s home to provide assistance, can range from £15,000 to £30,000 per year, depending on the frequency and duration of visits.
Care Funding
The funding of care in the UK is a complex mix of public and private sources. The primary sources of funding include:
- Local Authority Funding: Local authorities are responsible for assessing individual needs and providing financial support for care services. This support is means-tested, meaning that individuals with over £23,500 in savings and assets will be required to fund all of their care – this is known as “Self-Funding”.
- NHS Funding: The NHS provides funding for Continuing Healthcare, which is a package of care for people with complex health needs who require ongoing nursing or personal care.
- Self-Funding: Individuals may self-fund their care, either through savings, investments, or the sale of assets.
Many people worry about whether their home will have to be sold to pay for care. This is complex but briefly these rules apply:
- If you are receiving care in your own home, your home will not be treated as an asset.
- If you go into residential care your home will be treated as an asset unless your spouse, or others who qualify as dependents, are still living there.
- Benefits: Benefits such as Attendance Allowance and Personal Independence Payment can help towards the cost of care or personal care needs.
Continuing Healthcare
Continuing Healthcare is a fully-funded NHS service for people with complex health needs who require ongoing nursing or personal care. To be eligible, individuals must have a primary health need that is substantial and ongoing. The assessment process to determine eligibility is rigorous and involves a multidisciplinary team.
Attendance Allowance
Attendance Allowance is a non-means-tested benefit paid to people of state pension age who are finding life difficult due to illness or disability. It is paid at two rates: lower rate and higher rate.
Getting Advice
The cost of care in the UK is a significant financial burden for many individuals and families. Understanding the different funding options and benefits available is important for making informed decisions about care arrangements.
To find out more you can take advantage of Family Care Advices Complimentary 30 minute Telephone Consultation.
Click HERE to arrange your complimentary consultation or call 07902 544 938
We look forward to hearing from you.
