Top 3 Things To Know About Nursing Care Costs
Nobody actually wants to get to the point where they need nursing care, even if just for a limited period of time. After a lifetime of working hard, you want to enjoy your days in the home you have fought for and around the people you love, not among strangers in a nursing home. However, sometimes this is simply unavoidable and it is definitely something you should consider thoroughly before making any kind of move. If you want to know the most important 3 things everybody should know about nursing care costs (and about how to cover for them), then you should definitely read on.
The very first thing you will have to know is the fact that not everybody is entitled to receive help from Social Services when it comes to their nursing care costs. These fees can get quite high (up to nearly L900) if you have to pay them in full and the Social Services can only help if the value of all of your assets (home, car, and so on) is valued at less than L23,250. If that happens, you will be able to only pay L1/week for every L250 you own. For instance, if your capital is valued at L20,000, you will have to pay L80/week (as opposed to several hundreds of pounds each week). Furthermore, if the value of all of your assets is less than L14,250, then you will only have to pay a maximum of L23.90 each week. You can also check these nursing home costs.
The second thing you should know is the fact that if your capital rises above the above-mentioned sum, you will most likely have to pay for everything in full and that this frequently means that you will either have to rent your home or that you will have to sell it. Since renting is not always the best option (because you may not be getting enough money out of it and because the administration costs should be taken into consideration), the only other option you will have left is selling your home. Social Services can help you with this if you don’t want to sell your home, but they will only lend you the money and they will also charge everything against your home’s value. Also, they can impose certain limits as to how much they can pay, which will eventually limit the types of services you will receive and the quality of your life in general.
Thirdly, you should definitely know the fact that you can avoid paying for home care fees in full, but that it usually means putting all of your important assets into a trust. By doing this, they will not be taken into consideration as part of your capital any longer and you will be able to receive benefits from the Social Security.