Funding for elderly care
Common misconception about live-in care services is that it is the most expensive option. That is simply not true, especially taking into consideration Veritas Care’s unique business model, which allows us to charge over 40% less than other companies operating in the UK.
There are two viable options to pay for elderly care – funding it privately or via direct payment system put in place by NHS and social care. If you are thinking about the possibility of funding for elderly care the very first step is to get a needs and financial assessment from your local council.
How does care and financial assessment work?
The purpose of the care assessment is to evaluate whether you or your loved-one is eligible to get funding for live-in care. This screening process will be carried out by the representative from local council will try to find out when your family member struggle the most. They may ask about how he or she manages cooking, toileting and dressing.
If the council determines that you are eligible for support, you can begin the process of means testing – assessing the value of your capital. That will include the savings and income from benefits. For people who apply for live-in care funding equity in their property (home value) is not considered to be a part of the asset valuation.
If you live in England, 3 threshold levels are considered:
| Asset value | Care funding |
| Less than £14,250 | If your assets have a value of less than £14,250, then you will not have to contribute to the cost of funding your care. |
| From £14,250 to £23,250 | Between £14,250 and £23,250 then you will usually be required to pay £1 for every £250 of assets you own between the lower (£14,250) and upper (£23,250) limits. |
| More than £23,250 | If your assets (including most savings and investments) exceed this amount, your local authority will consider you able to pay for care yourself. |
These thresholds have remained unchanged for several years. While there have been discussions about reforming social care funding, including proposals to raise the upper capital limit to £100,000 and the lower limit to £20,000, these changes have been postponed and are now scheduled for October 2025.
Read more HERE.
It’s important to note that the current thresholds apply to the 2024-2025 financial year. Future changes may alter these limits, so it’s advisable to stay informed about any policy updates that could affect care funding assessments.
