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A financial assessment works out if we will pay towards your care. It looks at how much money you have.

We generally help to pay for care costs if you have savings less than £23,250. 

It may be that you will have to pay towards the cost of your care. The more money you have, the more you'll be expected to pay.

The financial assessment is free and happens after a needs assessment or carer's assessment. The first step is to apply for care and support from us.

What happens during a financial assessment

When we speak to you, we will ask about your:

  • earnings
  • pensions
  • benefits (including Attendance Allowance or PIP)
  • savings
  • property (including overseas property)

We will not need to know about the value of your possessions or any life insurance policies.

It won't work to spend your money or give your property away before the financial assessment. The assessment can ask you about things you used to own.

If we think you have reduced your wealth on purpose, it might stop you getting any type of financial help.

How to prepare for a financial assessment

Make sure you have all the information you will need.

This includes details about:

  • savings in bank accounts, building societies, ISAs or premium bonds
  • stocks and shares you own
  • property or land you own

Make a list of any disability related expenses you have so you remember everything when you're asked about it.

The value of your current home

If you need a paid carer to come into your home, the value of your home won't be included in the financial assessment.

If you're paying for a care home, the value of your home will be included unless your property is disregarded from your assessment due to family members still living in it.

You may be able to access a deferred payment arrangement if you are unable to sell your home straight away.

After the assessment

We will write to you about how much your care will cost and the amount you have to pay.

  • if you qualify for help with costs, you'll be offered a personal budget
  • if you don't qualify for help with costs, you'll need to pay for your own care

We must regularly reassess your finances, usually once a year.

Personal budget

Your personal budget is the total amount of money that will be used to cover the cost of your support, based on your care and support plan.

Depending on your situation, you may need to use some of your own money towards the personal budget - this is known as your personal contribution.

You can choose to get your personal budget in 2 ways:

  • a direct payment into your bank account each month
  • we organise your care and you will get a regular bill to pay towards it

As you are entering into a financial agreement with us, make sure that you are aware of our debt management policy.

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