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The financial assessment
If you've already contacted us to get a social care assessment and you qualify for some help from us, we'll talk to you about your finances to help us work out how much you need to pay towards your care and support. We call this a financial assessment.
We use national guidance to calculate how much people can afford to pay. This is set out in the Care Act. How much you pay depends on whether you're receiving care at home or you're moving into a care home.
If you have savings of more than £23,250, we'll expect you to pay the full cost of the services you receive. This means you'll be classed as self-funding. We consider savings to be any money you have in:
current accounts
savings accounts
ISAs
Premium Bonds
other investments
If you don't want a financial assessment we'll assume that you'll pay the full cost of your care. Read more about arranging and paying for your own support and financial assessments.
How we work out your contribution towards your care
As part of the financial assessment, we'll look at the following:
Income
Income is money you receive such as benefits and pensions. Here are some examples of income we do and don't include.
Income we include in full
Employment and Support
Allowance
Attendance Allowance
Disability Living Allowance care
component
Personal Independence
Payment care component
Income Support
State Retirement Pension
Universal Credit
Works or private pensions
Rental income from property
Income we don't include
Earned income from paid employment
Disability Living Allowance mobility component
Personal Independence
Payment mobility component
Armed Forces Independence
Payment disability component
Working Tax Credits
Child Tax Credits and Child Benefit
Christmas Bonus and Winter
Fuel payments
If you're unsure if your income is included you'll need to contact us.
Capital
Capital is savings, investments and property.
If you have less than £14,250 in savings and investments, we'll not count it. It will not change how much you have to pay.
If you have between £14,250 and £23,250 in savings, you will pay £1 each week for every £250 you have over £14,250. This is called tariff income.
If you have more than £23,250 in savings, investments and/or properties, you'll usually be responsible for paying the full cost of your care and support
How tariff income is worked out
For every £250 (or part of £250) that you have in savings above £14,250, £1 per week is added as tariff income.
Amount in savings | Calculation | Tariff income |
|---|---|---|
£15,000 | £15,000 − £14,250 = £750 £750 ÷ £250 = £3 | £3 per week |
£18,000 | £18,000 − £14,250 = £3,750 | £15 per week |
£22,500 | £22,500 − £14,250 = £8,250 £8,250 ÷ £250 = £33 | £33 per week |
How we count property
We don't count the value of your main home if you live there and receive care at home.
We may count the value of your home if you move into a care home.
We'll count any other property you own or jointly own with someone else. If you rent the home you live in but own another home, we will count that other home in your financial assessment.
Assets
Assets are additional properties or businesses you own, or other things you own that are worth money, such as collectables or land.
If you no longer have assets because, for example, they have been given away or put in someone else’s name, we may still treat you as owning the asset.
We may ask you to provide more information if they believe that you have deliberately given away assets to avoid or reduce your potential care costs – this is know as deprivation.
If deprivation is identified, the value of the asset that has been given away would be included in your financial assessment and may impact the amount that you have to pay towards your care and support costs – this is called notional income.
We'll ask you to send us documents that show your income and capital. This proof helps us complete your financial assessment accurately.
For more information see our financial contributions policy.
Online contribution calculator
Our online contribution calculator gives you an idea of what you may need to pay towards the cost of receiving care at home. It includes a step-by-step user guide and answers to frequently asked questions.
The calculation is based on the information you provide about your income, savings and expenditure. It collects the same details that we use in a financial assessment.
The calculator is confidential and free to use. We won't see the information you enter unless you choose to send your completed assessment to us.. You may want to save and print out the results so you can share these with us if you do choose to go ahead with a financial assessment later.
For residential care home costs, your social worker will be able to discuss these with you.
Your assessment outcome
Once your financial assessment has been completed and sent to us, we'll write to you to tell you the outcome. If you need to pay towards your care, the letter will tell you your assessed contribution amount. This is also known as your maximum contribution and is the most you will pay each week towards your care and support costs.
If the cost of your care and support is lower than your maximum contribution amount, you will pay the full cost of your care and support instead.
The amount shown by the online tool may be different from the amount worked out by us. This can happen if some information is missing or wrong. The amount worked out by us will be the maximum amount that you will pay each week.
If your financial situation changes
You'll need to tell us if there are any changes to your income or savings as we may need to do another assessment.
This might include:
changes to your income or assets
changes to any benefit entitlement, including claiming new
benefits
changes in your housing situation
the loss of a spouse
If you don't inform us of changes in your circumstances, it could mean that you incur charges.
If your savings drop below £23,250 you may wish to contact us again for a further assessment.
Independent financial advice
If you have to pay the full cost for your care, you may want to speak to a financial adviser. They can advise you on your situation and provide you with advice.
You can find details for financial advisers on the Unbiased website. Once you've chosen an adviser, make sure that they're registered and authorised with the Financial Conduct Authority (FCA). You can do this by checking on the FCA website or by calling freephone 0300 500 8082.
For more information
Call 01226 773300 or