Paying Nursing Home Fees

Paying for a nursing home or care home can be very expensive. Indeed with nursing home fees costing anything between £750 - £1,600 per week, paying for a nursing home can cost a family a staggering £39,000- £83,200 per year!

To discover how much this could amount to over time and to check entitlement to benefits and identify your annual shortfall in income, why not use our simple care fees calculator.

Care Fees Planning

Paying for nursing or residential care homes is a nightmare made even worse by the complexity of rules surrounding just what the state will pay for, especially who is entitled to free NHS Continuing Healthcare.

That’s why professional care fees advice and planning is priceless. Unfortunately, it is estimated nearly 1in 4 people who fund their own care run out of money because they don’t consider all of their options or take proper advice at the outset* 

*Source: LGIU Independent Ageing Report 2013

Don’t be one these. With proper care fees advice this needn’t happen to you or perhaps more importantly your parent. This is where we can make a real difference.

Ways To Pay Nursing Home Fees

Should you need to be a self-funder there are a variety of ways you could pay including:-

• Paying from savings/capital on a pay as you go basis.
• Investing to produce income in the hope that you might get better returns than from simply keeping money on deposit, but greater risk.

The value of investments and the income they produce can fall as well as rise. You may get back less than you invested.

• Care Fee Annuities (or immediate need annuities) - which provide a guaranteed indefinite income, which can also be arranged to increase each year, to help meet the expected increases in care fees.
• Renting your Home to provide additional income although we normally find that on its own this doesn’t fund any shortfall in fees.
• Deferred Payment Schemes (but only if other non-property capital is less than £23,250 (England), £50,000 (Wales) £18,500 (Scotland) – (2022-23)
• Or indeed a combination of all of these.

We will then help construct a personalised, robust and individual nursing home care plan that not only aims to ensure continuity of care, but also caps the cost of care and ensures your parent or relative doesn’t need to worry about running out of money.

So if you are paying for a parent’s or relative’s nursing home and would like some professional advice on paying for the fees, call Advice on Care today on 0800 180 4336, where we will be pleased to help.