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Financial assessment calculations for home care

The financial assessment undertaken by local authorities is governed by strict guidelines. We give you an overview of the most important elements.
2 min read
In this article
What’s included in a financial assessment for home care? What isn’t included

What’s included in a financial assessment for home care?

1

Your total capital

 

This is the amount of money you have, added together, minus any debts. Any joint accounts are generally treated as an equal split. This will include:

Checklist (ticks)
  • Bank and building society accounts
  • National Savings Certificates and Ulster Savings Certificate

  • Premium Bonds

  • Stocks and shares 

  • Shares in a family business 

  • Trust funds 

  • Regular savings and investments, including Isas 

  • Other properties you own.

2

Weekly personal pension

 

This means private and company pensions.

3

Weekly state benefits and pensions

 

The payments you receive from any benefits are also taken into consideration in a financial assessment, including the following:

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4

Any other weekly income

 

This could include rental income.

Cost of care and eligibility in England
Use our calculator to find out how much care might cost and what financial support is available.

What isn’t included

Among other things, the following won’t be included:

Checklist (crosses)

 

You should seek advice from an independent financial adviser (IFA), such as from a fully listed member of the Society of Later Life Advisers (SOLLA). This is especially the case if you have complex financial arrangements, such as money in trust, certain bonds or compensation payments, or shares in a family business.

 

Society of Later Life Advisers (SOLLA)

By choosing an accredited member of the Society, you can be assured of someone with the expertise to best understand your needs to provide advice that is right for you and your family.

societyoflaterlifeadvisers.co.uk

For advice and information, call:

0333 202 0454

 

For more guidance on finding an IFA, see how to find a financial adviser in Which? Money.

Further reading

Paying for home care

We explain the options for paying for care at home, from local authority support to paying for it yourself.

Home care fees

Home care fees can vary according to where you live in the UK and the type of care you need.

Last updated: 22 Jan 2019