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Navigating The Cost of Care
Finding the right care for a loved one is crucial, but understanding how to finance care can be overwhelming. With several care homes across Bournemouth and Poole, LuxuryCare are experts in funding and are here to guide you through the various options available to seniors in our vibrant communities.
Understanding Your Care Needs:
Before worrying about funding, you need to determine the level of care needed as this is likely to determine the costs. This could range from low-level residential care with minimal assistance to 24/7 skilled nursing care. Knowing your loved one’s specific needs will help you explore the most suitable and cost-effective options.
Get in touch with our friendly team to discuss your loved one’s needs, determine their care needs and discuss potential finance options available. Call us on 01202 037373.
Exploring Financing Options:
Learn more about the different options to finance care at LuxuryCare.
1. Self-Funding
Using personal income and savings to finance care is an option for some individuals and families. However, this might not be sustainable for everyone.
Those with capital levels over £23,250 are required to fund their own care. It should be noted that capital levels exclude the main residential property if occupied by someone else over the age of 65.
Working with third parties, we are able to guarantee all of our residents who have paid for their care for a minimum of 2 years, that our home will remain their home. We may just need to change the view from the room. We work with third parties to make sure we maintain our guarantee.
2. Government Support
Depending on your circumstances, you may be eligible for financial assistance from the government to help with care home fees. Explore options like Attendance Allowance, the care component of Disability Living Allowance, or Personal Independence Payment.
3. The Local Authority Deferred Payment Scheme
This scheme, available in Dorset, allows homeowners to finance care by deferring some care costs by securing a loan against their property.
Applicants should discuss this scheme and their eligibility with the BCP Council. The Council will levy their own interest rate calculated on a daily compounded basis for the duration of the scheme. The scheme is pending a financial assessment completed by the Council.
4. The LuxuryCare Deferred Payment Scheme
LuxuryCare operates a simple deferred payment scheme which is similar to that operated by BCP. However, we do not charge interest or make the process overly bureaucratic.
Moving into care can be a difficult and unsettling process, and we do not want our scheme to exacerbate this situation.
Speak to a member of our staff when you view one of our care homes about this scheme to get details. Or call us on 01202 037373 to enquire about it.
5. Equity Release
This financial product allows homeowners to access a tax-free lump sum or ongoing income by drawing against the value of their property.
It’s crucial to seek independent financial advice before considering this option.
6. Support from Family (top-up)
Family members may be able to contribute financially or provide practical assistance, reducing the overall cost of care.
This is known as a top-up as often they simply “top-up” the payments made by the resident.
LuxuryCare's Commitment to Your Loved One
At LuxuryCare, we understand that navigating options to finance care can be complex. We offer comprehensive support and guidance to help you understand your financial options and find the most suitable care solution for you and your loved one.
If you are interested in one of our care homes but are unsure about financing the care for your loved one, get in touch with our team today. We are always happy to arrange a meeting where we will be able to discuss your options and show you our home.
Arrange a meeting today by calling 01202 037373 or completing our online contact form.
