Paying Nursing Home Fees

Paying for a nursing home or care home can be very expensive. Indeed with nursing home fees costing anything between £750 - £1,600 per week, paying for a nursing home can cost a family a staggering £39,000- £83,200 per year!

To discover how much this could amount to over time and to check entitlement to benefits and identify your annual shortfall in income, why not use our simple care fees calculator.

Care Fees Planning

Knowing how best to pay for nursing or residential care is very difficult and is made even worse by complex rules surrounding whether the state will pay including who may qualify for free NHS Continuing Healthcare in 2022-23, 37% of people needing care in a care home were having to pay for their own care*

Unfortunately, according to a study carried out in 2013 by the Local Government information Unit it was estimated nearly 1in 4 people who need to pay for their own care unfortunately run out of money because they don’t consider all of their options or take proper advice at the outset** 

*Source: ONS Care homes and estimating the self-funding population, England: 2022 to 2023
** LGIU Independent Ageing Report 2013

Don’t be one these. With proper care fees advice this needn’t happen to you or your parent.

Ways To Pay Nursing Home Fees

Should you need to self-fund there are a variety of ways you could pay, including:-

• Paying directly from savings/capital on a pay as you go basis
• Investing to produce income in the hope that you might get better returns than from simply keeping money on deposit, but greater risk.

The value of investments and the income they produce can fall as well as rise. You may get back less than you invested.

• Care Fee Annuities (also referred to as immediate need annuities) – These provide a guaranteed indefinite income, which can increase each year, to help meet the expected increases in care fees and if paid directly to a registered care provider, can be tax-free.
• Letting your Home to provide additional income - although on its own this isn’t normally sufficient to fully fund any shortfall in fees.
• Requesting a Deferred Payment Arrangement from your Local Authority although this will only normally be offered if other non-property capital is less than £23,250 (England), £50,000 (Wales) £21,500 (Scotland) – (2024-5)
• Or indeed a combination of all of these,

and we will consider all of these before constructing a personalised, robust and individual care plan with you that not only aims to ensure continuity of care, but will also help to cap the cost of care and ensure your parent or relative can continue to receive the quality of care you want for them and they deserve, no matter how long they live.

So if you find yourself now having to pay for a parent or relative’s nursing home fees and would like some help to minimise it’s cost and ensure they will not run out of money why not call us today on 0800 180 4336, and we will be pleased to help.