Financial Advice

06-May

Financial advice: what help and support is available?

Understanding the financial side of care can feel overwhelming, but there is support available to help you make informed decisions. Whether you’re planning ahead or need to arrange care quickly, knowing what funding options, benefits, and financial assistance you may be entitled to can make all the difference.

Who pays for care?

Care home fees vary depending on the level of support needed, location, and facilities offered. In England, care may be:

Self-funded – If your savings and assets exceed the government threshold (£23,250 in England), you will usually need to pay for your own care.
Partially or fully funded – If your savings are below this threshold, your local council may contribute towards the cost of care following a financial assessment.

Local authority funding

If you or your loved one needs care, the first step is to contact your local council for a care needs assessment. This assessment determines the level of support required. If eligible for funding, the council will conduct a financial means test to decide how much they will contribute.

Even if you don’t qualify for full funding, you may still be entitled to partial support or deferred payment schemes, where the council covers care costs upfront and recoups them later.

NHS funding for care

For those with significant health needs, there are two key types of NHS support available:

NHS continuing healthcare (CHC) – Full funding provided by the NHS for individuals with complex medical needs. Eligibility is based on a strict assessment process.
NHS-funded nursing care (FNC) – If you require nursing care but don’t qualify for CHC, the NHS may cover the cost of nursing care within a care home.

State benefits that can help

Even if you are self-funding, you may still be eligible for financial support to help with care costs. Some key benefits include:

Attendance allowance – A tax-free benefit for people over state pension age who need help with personal care due to a disability or illness.
Personal independence payment (PIP) – For those under state pension age, providing support for daily living and mobility needs.
Pension credit – A top-up for low-income pensioners that can help cover care costs.
Council tax reduction – Discounts may be available for those receiving care or living with someone who requires full-time care.

For more information on benefits and entitlements, visit Age UK’s guide.

Private funding options

For those funding their own care, options such as equity release, care fee annuities, or investment plans may be worth exploring. Seeking independent financial advice can help ensure you choose the best option for your circumstances and protect your long-term financial security.

Where to get support

If you’re unsure where to start, the following organisations offer advice and guidance on funding care:

Age UK – Provides expert guidance on care funding and benefits.
Your local council – Offers care needs and financial assessments.
Citizens Advice – Free advice on financial and benefits-related queries.
Independent financial advisors – Specialists in care funding solutions, including care annuities and equity release.

How Aspen Manor can help

At Aspen Manor, we understand that financial planning for care can be complex. If you need help navigating your options, we’re happy to offer guidance and signpost you to trusted experts who can provide personalised advice.

Care decisions should be made with confidence and clarity, and we’re here to support you every step of the way.

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