When it comes to finding the right nursing home, we understand that this can be challenging. While there is much to consider, one of the key areas, that can lead to feelings of overwhelm and stress, is that of funding. There are various funding options to explore and we’re going to share the key information that you need so that you can secure your nursing home funding in Margate, or elsewhere in the country.
Financial Status and Funding Options
Nursing home funding falls under either state-funded or self-funded. The latter is a requirement if you have assets and capital that is worth £23,250 or more. Where assets and capital are worth £14,250 or less, nursing home care can be 100% state funded. If your capital and assets fall somewhere in between, you’ll be entitled to part state-funding, with the need for you to top up.
Another option for covering nursing home costs is to seek the assistance of friends or family. There is the potential for them to enter into an agreement that sees them paying your fees while you require care.
Changes From October 2023
When looking at just how much you would pay overall for nursing home costs, this would depend on the number of years that you needed this. However, this is set to change in October of this year. This is when a price cap will be introduced. The impact of this is that there will be a ceiling of £86,000. No one will pay more than this in their lifetime.
Certain things aren’t included in the price cap. Classed as daily living costs, things such as accommodation, food and energy bills aren’t covered.
One more Funding Options
Those seeking support for residential care home fees in Margate have options that go beyond that offered by local authorities. One of these options is called NHS Continuing Healthcare Funding. The funds on offer here are provided by the NHS and can be used for both specialised support and personal care. Eligibility for this funding is subject to an assessment and the applicant needs to be shown as having a primary care need.
Continuing Healthcare Funding is not the only option. You can apply for  NHS- funded nursing care to cover apart of your weekly nursing fee. When looking at care home fees, this funding is used towards the nursing component of these. In April 2023, the rate in Margate, and countrywide, is £219.71 per week.
Exploring Self-Funding
There are numerous opportunities for people to fund their own nursing home costs. In fact, at St Michael’s we’ve found that this is the most common funding option. That’s because it gives people an extra degree of freedom and control over the care that they receive. It allows residents to tailor services that suit their exact needs.
The ways that our residents have funded their nursing home care are:
Pension Income and Drawdown
Many residents turn to their pensions as a way of funding care home fees. This is done by tapping into your pension income and using a drawdown product. These products have been developed specifically to cover nursing care costs.
Equity Release
If there is no desire to sell a home, there is still the option to benefit from any equity that exists. Options such as lifetime mortgages can provide a great solution to covering residential nursing home fees. It’s vital to seek independent financial advice when it comes to this option, to ensure that you fully understand the implications.
Private Savings
We’ve found that residents at St Michael’s have also used their savings as a way of covering their fees. The watch-out here is to be sure that you know how long these funds will last. There must be an alternative funding option that can be used when any savings are exhausted.
By taking the time to explore these self-funding options, there are plenty of opportunities for people to cover their nursing home costs. Of course, professional advice is a must so that you can identify which method would work best for you.
Final Thoughts
If you are seeking more information about funding nursing home care in Margate, look no further than St Michael’s. As the premier nursing home in the area, our dedicated team is committed to providing exceptional care and support to our residents. We understand the significance of selecting the right nursing home and navigating the financial considerations that come with it.
To learn more about our services and how we can assist you, we encourage you to get in touch with us today. Simply call us at 01843 834 917, and you will find that our friendly team is more than happy to answer your questions and provide the guidance you need. We are here to make the process as straightforward and seamless as possible, ensuring that you and your loved ones receive the highest quality care and peace of mind.
