Everyone’s financial situation is different. We recommend that you discuss your funding options with a financial adviser who will take your individual situation into account and give you tailored advice.
We don’t give financial advice to anyone. If you do not have a financial advisor, you can find more information at the Society of Later Life Advisers.
This organisation provides a list of local financial advisers who have subscribed to SOLLA’s code of conduct. SOLLA is a not-for-profit organisation and the advisors affiliated with them are not paid a commission on the products they suggest to their clients. In addition, they have to adhere to a strict Code of Conduct. A number of people have successfully used SOLLA advisors to help them find ways to make their money go further towards funding care.
Depending on your circumstances you may be responsible for paying some or all of your care home costs. It is also possible that the NHS or your local authority will cover some or all of the fees.
See also the list of sources of advice and support below
Self funding
Any savings (including shares and investments), income (including a pension) or property that you own will affect whether you are entitled to any funding from your local authority.
In England, you are likely to have to pay the full cost of your accommodation and personal care yourself if you have capital of over £23,250.
Even if you think you’re likely to need to fund all your care yourself, it is important to have a needs assessment and a review of any benefits to which you may be entitled.
Care homes price their services differently, so it’s important to check what the fees of your chosen care home will cover and what will be charged as an extra cost. Ask for their pricing policy if you haven’t yet seen it. It may be that entertainment, hairdressing and additional wellbeing services cost extra.
If you’re likely to be funding the majority of your care we recommend talking to a financial adviser as you’ll need to know that you have the resources to fund your care in the longer term.
Having completed a financial assessment with your local authority, if your capital falls below the limit above, you will receive local authority contributions towards the cost of your care. If you think this is a likely scenario, check in advance that your preferred care home would accept local authority funding if it became necessary.
NHS
Adults with long-term and complex care needs qualify for free care funded by the NHS (sometimes referred to as “Continuing Healthcare” or CHC). Eligibility depends on assessed needs, not on diagnosis. Further, detailed information on the process can be found on the NHS website.
Please be mindful that NHS funding is unlikely to be granted to people who require residential care.
Local authority
Each English Local Authority will have their own process for assessing eligibility for funding long term care.
Call Central Bedfordshire Council’s Adult Helpdesk on 0300 300 8033.
Funding support
The Care Advice Line (https://www.thecareadviceline.org/) offers nationwide valuable funding advice for adults with care and support needs.
Powers of Attorney
It is advisable to appoint someone who can help you make decisions or act on your behalf should you become unwell. This person is called an attorney and you can grant them power to deal with your financial affairs (including property) and/or make decisions regarding your treatment or care. It is best to make these arrangements while you still have the mental capacity.
More information is available on the government website or on the Age UK website.
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