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How do I fund care costs myself?

Paying your own long-term care fees

If you have investments and savings (including the value of your property) of more than £23,250 and you are not eligible for NHS funding , you may have to pay for residential or nursing home care yourself – this is known as ‘self-funding’ your care home fees.

The value of your main or only home is not included as part of your investments and savings if it continues to be occupied by:

  • your partner
  • a relative who is aged 60 or over, or is incapacitated, or
  • a dependent child (under 18 years of age) who you are responsible for.

Many people rely on savings or the proceeds of selling property to pay their care fees, however, there are other available options which may be more suitable for your individual situation. 

 Options for paying for care

  • Care fee payment plan (sometimes called a care annuity or immediate care plan) – a type of insurance policy that provides a guaranteed regular income to pay towards the cost of care, in exchange for an upfront lump sum premium, similar to a retirement annuity.
  • Sell your property
  • Use savings and investments
  • Equity release (only available for care at home fees)– a range of products that allow you to use the equity in your home –as a lump sum, regular income or a combination of both.
  • Renting out property to generate income to contribute to your care costs.

Get expert independent advice

 As care home costs are likely to be one of the most significant financial purchases people will make, it is worth taking the time to speak to an independent financial adviser who specialises in care fees advice. They will guide you through the options and support you to make informed decisions, based on your individual circumstances.

This is also the recommended advice from consumer group Which? and Money Helper, an independent service set up by government to help people make the most of their money.

To arrange to speak to a Carewise-approved independent care fees specialist, visit the Book your free consultation . All the care fees specialists are accredited members of the Society of Later Life Advisers.

Last updated: 20 May 2024