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One common query individuals and their families have is whether care homes have the authority to claim or absorb their private pensions. The relationship between private pensions and care home fees in the UK and shed light on how pensions are considered in the assessment of care costs.
Private pensions play a vital role in the financial evaluation process when an individual transitions into a care home.
During the financial assessment conducted by either your local authority or social services, private pensions are regarded as assets determining one's capability to afford care home expenses. This assessment encompasses the comprehensive value of your private pension, coupled with other assets such as savings, investments, and property.
This assessment is pivotal in determining eligibility for financial assistance from the local authority to offset care home costs. It takes into consideration both the individual's income and assets.
Should the total value of your private pension and other assets surpass the predefined threshold, you may be classified as a self-funder, necessitating the full coverage of your care home fees independently.
It's noteworthy that under specific conditions, the value of your home may not be factored into the means test, thus offering a level of protection.
Care homes do not directly appropriate your private pension. Instead, they are factored into the overall financial evaluation, assessing your ability to manage care home expenses effectively.
Private pensions play a significant role in the financial assessment process when an individual enters a care home.
We are here to help you choose a care home or facility best suited to your needs. Do not hesitate to contact us on the following number: 0230 608 0055 or fill out this form.
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