Savings Threshold For Care Home Fees Wales

However it is recommended to seek financial advice as additional funding may be available.

Savings threshold for care home fees wales. In wales from april 2018 if you have more than 40 000 in savings or capital assets this may include the value of your home see below then you will usually have to pay the care home fees in full. Today the welsh government will deliver its commitment to the people of wales to raise the capital limit in residential care to 50 000. There is one threshold for capital in wales and if a person s capital takes them above this threshold they will be required to pay for all of their own care home fees. This threshold includes the value of your home unless your partner or another dependant still lives there.

If you re moving into a care home and have more than the amounts shown in the table below you ll usually have to pay all the care home fees. Means tests for different types of care care home means test. This threshold applies to those resident in wales. As of the 8 april 2019 the assets threshold applicable if a financial assessment is to be carried out in relation to the payment of care home fees in wales has increased from 40 000 to 50 000.

In wales the rate is 149 67 2018 19 per week. A different threshold limit applies in england this is currently 23 250 00. What is the savings threshold for care home fees in wales. The delivery of the taking wales forward commitment will be delivered two years earlier than planned enables all care home residents in wales to keep up to 50 000 of their savings investments or other capital.

With care home fees 12 4 1 capital and savings of 40 000 and above 12 4 2 capital and savings below 40 000 13 5 the financial means test for receiving help towards care home fees how your capital and savings are viewed 14 5 1 capital held in the value of your home 14 5 2 disregarded capital 17 5 3 jointly held capital 18. From today people in wales will be able to keep up to 50 000 of their savings investments or other capital to use as they wish without having to use this to pay for their residential care. If they have capital below this threshold the local authority will pay for their care home fees though the person s income may still be used to contribute. As of april 2018 if you have assets worth 40 000 or more you will be expected to self fund the full amount of your residential care home costs.

Payment of home care and care home fees.