Care home - how exactly do you fund it ?

[Theas18]

Looking at long term care for dad in a care home. He owns half of the house and has some savings.

He has state pension and a work pension ( not big as he started teaching late ). This amounts to maybe 1/3 of the care home fees per week.

Given the gap , his savings, and even half the house, weather sold now or later with a charge on it, isn't going to last long.

What do people realistically do? We have the 12 weeks grace period where the LA will pay the just under £500 a week which is what they say it should cost - with any difference to be paid effectively by me (I really don't know why he can't pay it himself, but he can't ) then he takes on the full cost. This is 750 in a couple of local homes where he lives, or less near me. However even the cheapest home is over 500/week and this wouldn't be suitable as its 2 houses knocked together , so is a rabbit warren with uneven floors - he's falling several times a month in a purpose built respite unit already ....

Initial thoughts were to rent out the house , but that combined with income is only covering half fees. Am I right in thinking there is a cap in total lifetime care fees now ?

What a headache !

My understanding is that when his share of the resources run out ,it should be state funded. The need for release of equity in the house will depend whether he and his partner are owners in common or joint tenants. My understanding is that it can't affect someone else who lives in the house with equal rights to it, or at least, that's what I found out when some shark was trying to sell MIL a dodgy covenant for a house only just worth twice the disregard.

I'm sure someone more secure in their knowledge will be along, at some point. Maybe bump in the morning if no other replies.

Hi Thea how are you doing? I wondered how you were- do look after yourself.
We found a financial adviser was really well informed- issues like if savings have any element of life insurance they are excluded etc. for fil( in a care home post stroke) and mil who died in October having had dementia and required care for two years we arranged a deferred loan via the local authority and are renting the house- although tenants have been a pain and we will probably sell it if possible. Age UK are helpful too. Has he claimed all he is entitled to? How is he? Sending

If a spouse, partner or other dependant of the person needing care are still living in a property owned or part owned by them that property is completely disregarded when calculating assets which can be used to fund care, regardless of the proportion owned. However if the property is sold, even if the proceeds are used to buy a replacement property for the dependant to live in, the value of the share owned by the person receiving care becomes liable to be assessed as an asset to be used to fund care.