If the time has come to explore a care home, and the way that it can be funded, we have some good news. At Oakwood House, Norwich, we’ve already spent time looking at the various ways that your care can be funded. If you’d like a refresher, then you can take a look here. Beyond this, we also have some top tips that you can take a look at that make the whole process even easier.
It’s hardly surprising that the thought of funding nursing care can cause a great deal of stress. With the price of a nursing home being around £1,200 per week, it’s understandable that people may worry. However, the reality is that there are steps that you can take to help. The sooner that you start to plan, the easier it all will be. Here’s a look at our tips that can help you on your way.
1) Understand what you’ll need to pay for your nursing care
The first step when it comes to planning how to pay for care home fees is to understand just how much you’ll be expected to pay. While we’ve looked at the average weekly costs already, you need to be sure how much of this you’ll be expected to pay yourself.
To arrive at that figure, you’ll need to look at the savings and capital that you’ve got access to. On a basic level, the more that you have the more that you’ll be expected to contribute yourself. As it stands right now, for those in England, if you have capital that is worth more than £23,250 you’ll be expected to fund your care yourself. If you have less than £14,250 you’re entitled to state-funded care. If you sit somewhere in the middle ground, you’ll need to contribute.
2) Think about your nursing care needs
Once you have an understanding of the level of contribution that you’ll need to make towards your care, it’s time to think about what your needs and expectations are. Even if you have state-funded care, there will still be elements of nursing care that you may have, or choose, to pay for. Some of the things that you’ll need to think about are:
• The level of care – When choosing a care home, and looking at fees, you need to be sure that the level of care that you need is offered. Do you need a care home or is nursing care more appropriate?
• Where would you like to be? – When looking at your needs, do you have your eye on a certain part of the country, such as Norwich? Are you looking to be close to family and friends, or to explore somewhere new?
• The environment – Care homes and nursing homes vary significantly in terms of what they offer. Are you looking for rips out? Regular activities? Are religious needs being catered for?
Your needs will have an impact on what your care fees will be. Knowing what you’re seeking will help you to set a budget.
3) Is there any other financial help at hand?
When you know the level of care that you’re looking for, and you know how much that you need to contribute, it’s worth exploring if there is any additional help at hand. Depending on your age, and any conditions that you may have, there are benefits that can be accessed to assist with your care home fees:
• If you’re above state pension age, take a look here
• If you’re below the state pension age, take a look here
4) Seek out an all-inclusive option
At Oakwood House, our fees are all-inclusive. We do this as we believe that this makes everything much more straightforward for our residents and their families. By opting for an all-inclusive nursing home, you can be sure that your fees are the same, month in and month out. No matter what activities you take part in, or what facilities you use, there are no nasty extra charges.
If you’re looking at a care home that isn’t all-inclusive, this can make it difficult to budget. Be sure that you check out exactly what the additional charges are and be sure that your budget will allow for these.
5) Consider specialist advice to assist with nursing home fees
If you find the thought of dealing with care home fees too overwhelming, it may well be worth seeking expert advice. A specialist can offer advice to you, or a loved one, to ensure that you understand exactly what support is available and just how to access it.
Final thoughts
The sooner that you start to take steps towards planning your finances, the easier that you’ll find it when it comes to paying nursing home fees. By taking a look at the tips above, you should find that things don’t have to be quite as stressful as they first appear.
