Local authority funding
If your assets total less than £23,250 you’ll qualify for some support. In England, you should get maximum support if your assets are worth less than £14,000.
Also, if it looks like your savings or income will fall below the £23,250 threshold, your local council should start paying for some, or all, of your care.
If you’re in this situation, it’s a good idea to get in touch with your local council a few months before it happens, as there will be an assessment process to go through.
Your local council will pay you a personal budget to spend on your care. In some cases the council will arrange your place and pay for the care home directly. If you arrange your care home yourself, you’ll need to keep records on what you’ve spent the money on.
In either case, you have the right to choose which care home you live in. The council must give you at least one affordable choice.
If you prefer a care home that costs more than your personal budget, a family member of friend can pay a top-up fee to make up the difference.
The earlier you start planning, the better. Talk to your family and find more information from the NHS about how to pay for care and support.
Financial advice disclaimer
The information above summarises how living in a care home is often financed. Agincare care homes are not authorised to provide investment or other financial advice and nothing on this page should be construed as such. We recommend you obtain independent financial advice from an adviser registered with the Financial Services Authority.