SELF-FUNDING HOME CARE
When planning long-term care and support for a loved one, it is sensible to start thinking about financing the care they need as soon as it is practically possible.
At Prestige Nursing & Care we have been helping families up and down the country to understand how they can finance home care, whether that is through funding available to them, or financing initiatives that can contribute to the cost of care.
If you are living with a complex care need and require nurse-led care, it is worth exploring whether you are entitled to any healthcare funding first as this could considerably contribute to the overall cost of care, if you are assessed as having an identified healthcare need. Depending on your financial circumstances you may also find that you could be entitled to social care funding. If you are a child or an adult living with a disability or long-term illness, or an older person who needs care and support for day-to-day tasks and activities to enable you to maintain independence, then you may be entitled to Government funding and support from your local authority.
Sadly, many families do not qualify for any funding to contribute to their overall cost of care and are faced with financing care themselves. This is referred to as private pay or self-funding care. Here we explore some of the options available to you to help finance the care and support you need now and in the future.
WHAT CONTRIBUTION WILL YOU NEED TO PAY TOWARDS CARE?
In England, the threshold after which you must fund your own care is £23,250. This means that if you have capital of more than £23,250 or your weekly income is higher than the cost of your care, you will be required to contribute to all or some of your own care costs.
To determine if you are eligible for healthcare funding you will need to undergo a Financial Assessment (means test) to determine if the council will contribute to the cost of your care. If you are self-funding care in your own home, then the value of your home will be excluded from the financial assessment.
This assessment will look at your financial means to determine whether the council will pay for some of the costs of your care or if you will have to self-fund care. If it is determined that you are entitled to receive support, this will be provided via direct payment as part of your personal budget.
If at any time your income drops or your capital falls below £23,250, you may be newly eligible for financial help from the council. A new financial assessment must be undertaken to determine your eligibility. If you contact your local council at least 3 months before your finances change, you may be entitled to a reimbursement.
IMMEDIATE CARE FEES ANNUITY
An immediate care fees annuity, or care fees annuity as it is commonly referred to, is an insurance policy that provides regular income for your care fees in exchange for an upfront lump sum investment. When used for self-funding long-term care they provide guaranteed income for life to cover your care costs. An annuity can be used to cover the total cost of your care, or part of your care costs, with the rest made up from other resources, like income or savings. The income from the plan is tax-free and usually paid directly to your care provider. The income will also increase in line with inflation, or a set amount each year, to ensure it meets future rises in your cost of care.
The pricing of a care fees annuity is based on the amount of income you need to meet your care costs, and the insurance company’s assessment of how long you are likely to need it for, so you are covered for the rest of your life.
Care fees annuities are not suitable if you do not need care immediately, or if you think you will only need care for a short amount of time or you require respite care.
It is important to research the best policy to meet your specific needs and there are specialist care fees advisors that can help give you guidance and advice. The Society of Later Life Advisors (SOLLA) is an independent body made up of specialist advisors who can support you with decisions on financing long-term care. The UK Care Guide is a useful resource that will help you to make the right decision.
FINANCING AN IMMEDIATE NEEDS ANNUITY
If you have decided that an immediate needs annuity is suitable for you to finance the cost of care, you have a couple of options you could explore to raise the capital needed to purchase the plan, if you do not have sufficient savings or income to do so.
Equity Release Schemes
If you have paid off your mortgage or nearly paid off your mortgage, you could use equity release to fund your care fees or to purchase a care fees annuity. Equity release enables you to benefit from the value of your home by accessing some of the money tied up in it without having to move out. It works for many families looking to finance the cost of care delivered in their own homes. The amount you will be able to release will depend on your age, health, how much your home is worth, and the type of equity release plan you decide on.
One of the most common equity schemes used to finance long-term care is a lifetime mortgage, which is a loan secured against your home. The loan can be drawn down in either a lump sum or over a set period of time. There is interest charged on the loan, which families will either pay or let it accrue or roll up. When you pass away or move out the proceeds of the sale are used to pay off the loan and any interest accrued, with the balance of the proceeds going to the beneficiaries.
The Money Advice Service provides a wealth of information about the types of equity release schemes you could consider to self-fund the care you need.
Downsizing your home
Another option you could consider would be to downsize and sell your home to release capital to purchase a care fees annuity. It might also be an opportunity to move somewhere that better meets your care and support needs now, and in the future, or to be closer to family members, friends or loved ones. It is worth considering the space that you would need to retain if your care needs were to increase, for example, if you think you may need live-in care in the future. You will then need to be able to accommodate a carer who will live with you.
Equity release vs. downsizing
You will need to consider carefully when self-funding your care which approach would best meet your needs now, and in years to come.
Equity release schemes are likely to let you raise more capital than would be afforded to you if you downsized your property. However, with equity release schemes if you need care for a long period of time, by the time you sell the property the cost of the loan and the interest could result in all of the proceeds of the sale being used to pay the loan back and interest. This would of course impact the value of your estate and what beneficiaries would receive. Downsizing would be a more cost-effective option and allow you to retain your estate for your family members and/or beneficiaries.
Get in touch with our friendly care experts to discuss self-funding care at home or contact a location near you. We provide impartial guidance and advice, so you make the right choice for you and your family.
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1. Try eating smaller-portioned meals throughout the day
It’s not just what you eat that impacts your energy levels, but also when you eat. For instance, have you ever noticed how you feel sluggish after a big lunch or dinner? That’s because your body is using its energy to digest that big meal instead of powering the rest of your body. Start with a healthy, hearty breakfast to start your day right, and then try eating smaller-portioned meals throughout the rest of the day. This will keep your body fuelled regularly and may even help you lose weight.
2. Spice up your meal-times
Try creating a special theme day each week. Whether you join a Hello Fresh-style recipe order scheme or simply decide to make a new special dish every week, the effort will be worth it. From weekday lunch or dinner to weekend lazy brunch, It doesn’t have to be difficult, can include all the family and provides a welcome distraction.
3. Avoid processed foods – think fresh first!
While a Cornish pasty or cheeseburger and fries might be comforting while you’re eating it, its nutritional value can be extremely low. Processed foods, such as some packaged or canned foods, sweets, ready meals, and pre-cooked meats are typically full of preservatives, additives, sodium, trans-fats, and artificial ingredients that may slow you down. Check out these delicious, fresh recipes from our partners, WWF.
4. Fresh, seasonal fruits and vegetables – remember your ‘five a day
The fresher your food is, the more nutrients it will contain. Enjoy eating the rainbow with delicious fresh fruit and vegetables locally in season and from around the globe. Fruit and vegetables are good sources of vitamins, minerals and fibre – essential nutrients that your body needs to work properly. Check out this recipe to give you a head start to the day ahead with quick and easy smoothies.
5. Go with the grain
Choosing whole-grain foods and complex carbohydrates ensures that your body gets the full benefits of the hull of the grain that adds fibre to your diet. For delicious grain-based recipes, check out our Future 50/Finer Diner Initiative focusing on the most sustainable ingredients, many of which are whole and ancient grains, readily available from supermarkets.
6. Lean and mean is best
Beware the unsaturated fats hidden in red meats. Leaner meats, like chicken, turkey, and fish, still provide quality protein but contain less saturated fat. Fish high in omega-3 fatty acids, like salmon and tuna, can add beneficial, heart-healthy fats.
7. Nuts and seeds
Nuts and seeds are some of the best foods to beat fatigue and fight hunger. Getting a variety of nuts and seeds in your diet can provide healthy nutrients and energy. Try almonds, Brazil nuts, cashews, hazelnuts, pecans, walnuts, sunflower seeds, and pumpkin seeds. Perfect for a mid-afternoon snack.
Why not try chia seeds? An excellent source of prolonged energy thanks to carbohydrate content, healthy fats, and filling fibre. Two tablespoons of chia provide about 12 grams of carbs and a whopping 5 grams of omega-3s, which are heart-healthy and anti-inflammatory.
8. Avoid caffeinated drinks – water for the win!
While caffeine is OK in moderation, providing a short-term boost, it doesn’t provide the body with any energy. If you must have your fix, opt for black coffee or unsweetened tea. Alternative milk replacements are all the rage too, but check the pack for added sugars and fats.
Drinking water is essential for optimal functioning of the body. Keep hydrated and sip 2-3 litres of water throughout the day. This simple change can make a big difference, and you’ll feel better before you know it.
9. Vitamins and supplements
If you’re not getting everything you need from your food, you may want to consider taking a daily vitamin. Right now, as autumn turns into winter, and the sunshine starts to fade, a good Vitamin D supplement may work wonders. Make sure you talk to your doctor about any nutritional supplements you’re considering.
10. Try the ‘No Takeaway’ challenge
Remember that instant gratification versus the crash-and-burn feeling? You may find your takeaway is the culprit here. Instead, why not try a homemade takeaway – fresh ingredients, no nasties and lots of fun too?
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The variety of a day in care
People often ask, ‘what’s a typical day in the life of a carer?’ To be honest there is no such thing, and that is why the job role is so exciting, so varied and so interesting. There is a huge opportunity to positively impact the lives of the people that we’re caring for.
At Prestige Nursing + Care, our carers help people with a variety of needs, whether it be complex care needs, brain or spinal injury rehabilitation, dementia support (including ensuring that that their family and friends are also supported) all the way through to companionship.
Many of our carers choose the career as they want to make a positive impact on other people’s lives, and giving care gives that opportunity. One of our care assistants from Leicester cares for and supports clients with a range of needs in the local area. Her care includes looking after a one year old boy with complex care needs, through to an adult male with a brain injury. As part of her day-to-day, wherever possible Sadie also spends time with the families of those she’s caring for, helping with domestic tasks and putting the world to rights to offer some respite.
Another or our carers, from the Prestige Nursing + Care Derby branch has made a real drive to get her clients more engaged with the local community. For one of the people she’s caring for that means a trip to the local pub for a meal. Like many of our carers, she is responsible for medication procedures and complex interventions – which means that people can get assessed and cared for in a relatively short timeframe, in their own home which can make all the difference.
We’re really proud of all of our carers. They are making real, positive differences to people’s lives and we want to acknowledge and thank them. If you think that a career in care is for you, check out our recruitment page.
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The key to maintaining brain health late in life
A complex organ
When it comes to exploring the brain, it would seem that with each breakthrough the scientific community makes, new unprecedented questions arise. While this is certainly positive in that it allows research to become more focused, it also illuminates the fact that the brain is vastly and endlessly complex.
In spite of all of its mysteries, one thing we do know is that the brain – like all of our organs – does indeed age. As we get older, the brain’s overall volume gradually decreases (at approximately 5% per decade after the age of 40), causing nerve cells to lose certain connections. Reduction in blood flow and certain cardiovascular conditions can add to this as well.
For seniors, these factors may lead to occasional forgetfulness or lapses in memory. Significant memory loss, however, is not a normal part of ageing and may be indicative of Alzheimer’s disease or other forms of dementia. If your ageing loved ones are experiencing memory loss or have had problems with language skills, perception, or other mental functions, it’s imperative that you address these concerns with a physician.
Ways to keep the brain healthy
Research has indicated that there are several ways that older adults (and those of all ages) can help reduce the risk of cognitive decline – many of which are beneficial for other aspects of the body. Encourage your ageing loved ones to incorporate the following best practices into their lifestyle. Be sure that, prior to beginning any new exercise regimen or diet, your loved ones consult with a physician and dietitian.
- Stimulation: In the last few years, there have been numerous research studies in the area of neurological plasticity, which refers to the brain’s ability to structurally modify in response to new experiences. This “re-wiring” of nerve cells is actually what is at the centre of most cognitive and physical rehabilitation practices. However, it essentially serves the same function for those looking to keep their brains healthy, and it can be done simply by learning new skills or keeping the brain regularly “exercised” through puzzles or games. Many suggest that seniors enrol in a class or other form of organised learning – which will help not only in developing new skills but also with cultivating socialisation.
- Exercise regularly: While it’s not exactly news that exercise is good for the body, it may come as a surprise to some that regular exercise also has quite an impact on mental health. Physical activity improves cardiovascular health, which in turn helps supply the brain with blood. It also helps in developing new/increasing existing neural connections (see neurological plasticity above), allowing the brain to be more adaptive. Research suggests that regular exercise can also significantly reduce mental stress. Some seniors may choose to join a class with close friends for exercise, but it can just as easily be done at home. The key is to ensure that the heart rate is elevated through moderate activity, for at least 20-30 minutes every day.
- Watch your diet: The food we consume has a direct effect on our mental well-being and health. In order to operate at its optimum level, the brain requires fuel in the form of vitamins, minerals, and other essential nutrients. If your current diet consists primarily of salt, sugar, fat, and refined/processed foods, consider switching things around. Studies show that diets consisting of fruits, vegetables, whole grains, sources of B vitamins, and lean meats can significantly reduce anxiety levels and even the risk of depression.
- Stay social: Although it’s not entirely understood how socialisation bolsters brain health, studies show that a correlation between having strong social connections and longer life expectancy does exist. Interaction, whether it be with friends, family members, or next-door neighbours, appears to reduce the risk of cognitive decline and improve overall mental well-being. This is especially evident in those who volunteer their time to help others. Try reaching out through organisations, community centres, or schools to see how you can help make a positive impact on others – and the health of your brain.
What unifies all of these best practices for maintaining brain health? The key, as countless scientific studies would suggest, is engagement. In this case, it means getting out and meeting new people versus staying inside and watching TV, choosing to find healthy alternatives to cheap fast food, and finding ways to help not only yourself but those in your community as well.
Prestige Nursing & Care can help
If your loved ones are working to improve their mental well-being and want to incorporate the aforementioned best practices into their lifestyle, we can help. In addition to companionship services, our caregivers can provide safe, reliable transportation to your loved ones’ destinations. Whether they need to get to the community centre to visit friends or to the grocery store for the week’s supply of nutritious food, we can help them get there safely.