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Navigating The Cost of Care
Finding the right care for yourself or a loved one is crucial, but understanding how to afford quality care can be overwhelming. LuxuryCare, has care homes across Bournemouth and Poole, and are here to guide you through the various options available to seniors in our vibrant communities.
Understanding Your Care Needs:
The first step is to determine the level of care needed. This could range from low level residential care with minimal assistance to 24/7 skilled nursing care. Knowing your specific needs will help you explore the most suitable and cost-effective options.
Exploring Payment Solutions:
Learn more about the different payment solutions that we offer at LuxuryCare
1. Self-Funding
Using personal income and savings to cover care costs is an option for some individuals and families. However, this might not be sustainable for everyone. Essentially, 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. Our guarantee to all of our residents who have paid for their own care for a minimum of 2 years, is that your home with us, will remain your home however, they may 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 certain areas like Dorset, allows homeowners to defer some care costs by taking a loan secured against the 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 operate 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.
5. Equity Release
This is a financial product that 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.
LuxuryCare's Commitment to You
At LuxuryCare, we understand that navigating care options can be complex. We offer comprehensive support and guidance to help you understand your financial options and find the most suitable care solution for your situation.
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.
