Avoiding Care Home Fees

A nursing home costs more than 40 000 a year.

Avoiding care home fees. Meeting the cost of care in later life will be one of the biggest financial challenges many of us will face. Avoiding care home fees. It costs to live anywhere so one has to offset expenditure of living at home and all that entails added to rent and any social and or nursing care required against care nursing home costs. How much can you keep before paying for care and how to avoid selling your house to pay for care.

It can be a shock to many people when they find out they may have to pay over 100 000 for their care home costs. You may think you can gift or dispose of assets to reduce the amount you need to pay for care. Be proactive the sooner you place all your assets in a trust the more likely it is that this strategy can protect wealth further down the line. So is there a way of avoiding care home costs.

Understandably the idea of not having enough money to fund suitable care or of having to sell the family home to pay for it can be big concerns. If you or a loved one are struggling to manage at home the thought of getting some kind of care can be stressful not least because of the costs involved. Therefore it is only natural that people are looking at protecting their assets from nursing home fees and looking at how to avoid and not sell. Five top tips to avoid care home fees.

Planning for future care home fees. Looking for advice on care funding. Yes i can understand why some feel cheated of an inheritance but until a person has died it remains their asset and if any is left after their need for it. The latest figures show a place in a residential care home in the uk costs on average more than 30 000 a year.

So it s important to understand the different care and funding. Avoiding care home fees in 2020. You may hope for help with care home fees from your local authority but this is means tested and thresholds are very low. What are the consequences.

In the east midlands the average annual cost is currently 30 056 for a residential care home and 37 700 for a nursing care home. Regarding care home fees a local authority can investigate if it believes the money has been gifted deliberately to avoid having to pay care home fees when it carries out its means testing. If your relative has capital above the maximum threshold of 23 250 they may want to seriously consider effective legal ways to mitigate their liability to pay for their care costs in the future. Many people needing long term care are forced to sell the family home and drain every last penny of savings.

If you don t qualify then you will have to fund your own care fees.