So, how much are care homes near me? The costs of living in a care home vary across the UK. How much you will pay for your care depends on where you live, what type of care you need, your savings and property and the care home provider. In England, for example, care homes in London are more expensive than care homes in the North West or South West.
How do you pay for a care home?
How much of the fees you will have to pay as a resident depends on your finances and assets, such as property. If you have to pay all the costs yourself, you are referred to as a self-funder.
If your local authority is helping you with some or all of the costs of your social care, your care is state-funded.
Depending on how much you have in savings and other assets, you may have to pay for the care home costs yourself. This is determined by a means test. The means test is carried out by your local council following a needs assessment.
They will look at the value of your home, pensions, savings and interest as well as some benefits.
The savings and assets thresholds in the UK are currently:
Northern Ireland: £23,250
People with capital below these amounts can get financial support from their local authority, which will pay some or all of the costs. In some circumstances, the means test will not take your house into account, such as if your partner or a relative over the age of 60 lives there.
What’s the difference between a care home, retirement village and over 55 property?
As many enter the later stages of their life, they often need either extra care, help and support and want to be around those in a similar situation or position to them from an age and health perspective. So what’s the difference between a care home and a retirement village and over 55 property?
A care home is a residential home where residents live who need help and care with every day activities on a daily basis. Retirement villages are larger developments built specifically for older people who usually want to live with more independence and less care.
Over 55 housing is often known as retirement living, retirement housing or sheltered housing. It is not only housing associations who offer Over 55 housing schemes. You will also find that there are a lot of specialist companies and developers who cater for these homes.
If you are unsure which may be the best for you you can compare sale or rent over 55 properties.