A survey published by Saga recently estimated the average cost of care at £540 a week, with the average length of stay having risen to four years. This means on average care home costs in the region of £112,000.00.
Charges are based on a means test, under which anyone with savings and assets, including a house, worth more than £23,250 must pay the full fees themselves. They are known as self funding. It is not until a self funder has less than the lower capital limit of £14,250 that they receive maximum support from the Local Authority, although this will continue to take into account all income, including benefits and pensions.
If you have capital between £14,250 and £23,250, capital will be calculated as providing you with an income of £1 per week for every £250 of your savings.
For more advice about paying for care home fees and/or financial assessments please contact our Continuing Healthcare team.
Estate Administration Solicitors
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