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My mother needs to go into a care home. What are her options for paying for this?

Being faced with the prospect of paying for long-term care can be stressful and worrying. State help is limited and care fees are expensive. If the person going into care has assets over a certain level they will have to pay for their own care. If they don’t take action, they could deplete their capital quickly and may even run out of money.

The good news is that they may be able to organise their finances in a way that makes their money go further.

Many people going into long-term care buy a care fees plan. They pay a one-off lump sum to the plan provider, who then pays a regular, tax-free amount directly to the care home for the rest of their life. The amount usually increases over the years, to keep pace with increases in care fees. This removes the worry of running out of money and relying on the local authority to pay for care, which would may involve moving to a home not of the person’s choosing.

Our independent financial advisers specialising in long-term care will work out whether buying a care fees plan is a sensible option for the person going in to care and can also talk through the pros and cons of other options, for example generating more income from their savings or renting out their home or a property.

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