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Financing Care Home Fees

When the time comes for you or a member of your family to move into a care home, you want to know that you made the right choice. The Care Quality Commission’s website provides information about choosing a care home as well as giving access to inspection reports for homes in your area. Your local authority too may become involved by providing information on options; particularly if an individual is eligible to receive local authority funding in respect of a care home placement.

In law, councils have to offer at least one placement to those eligible for funding which meets their personal budget. Individuals have the right to choose alternative accommodation which may be more expensive provided they are able to fund the balance of the fee. It is estimated that 24% of funded placements are topped up in this way.

Local authorities have to make clear that such top-up arrangements are voluntary. However, a survey by the charity Independent Age has found that 43% of authorities who responded to a freedom of information request are not meeting the statutory guidelines in one or more areas. These include not providing written agreements and failing to review top ups at least annually.

If you’re looking to create an investment portfolio to meet care home funding requirements, or if your situation has changed and you may therefore need to review your existing portfolio, contact Beckworth by using one of the links on our website.