Find out what you'll pay for care (financial assessment)
Find out how we assess your finances to work out what you'll pay for any care we've agreed to arrange.
About the financial assessment
The financial assessment is how we work out what you must pay for any care we've agreed to arrange. Most people have to pay something towards their care.
We ask you questions about your income, savings, benefits and investments to work out:
- how much you'll pay for your care
- how much the council will pay for your care, if anything
If you have more than £23,250 in savings and investments, we won't be able to pay anything towards your care.
When to do an assessment
We'll send you a financial assessment form if we've assessed your needs and agreed a care plan with you.
If you've not asked us to look at your needs yet, you should request a care needs assessment.
In order for us to arrange care for you, you’ll need to meet eligibility criteria.
What we'll ask you about
The financial assessment will look at your:
- savings and investments
- income, including any pensions and benefits
- property, land or other physical assets
- essential outgoings, including housing and anything you pay to help with a disability
We ask about different things depending on the type of care you need.
Find out more about how we work out:
- what you’ll pay if you’re getting care in your own home
- what you’ll pay if you need to move into a care home
Things we won’t assess
We won’t include the following in the assessment:
- the mobility component of Disabled Living Allowance or Personal Independence Payment
- the savings credit part of Pension Credit
- Guaranteed Income Payments under the Armed Forces Compensation Scheme to disabled ex-service personnel
- savings below £14,250
Evidence we’ll ask to see
We'll ask to see evidence of any savings, investments, income, assets and outgoings you mention. For example, a bank statement confirming how much you have in an account.
You won't need to provide evidence for anything you don't have.
Learn more about what supporting documents you'll need to show us
When to complete the assessment by
We'll send you a copy of the assessment form once we've worked out your care plan.
You should complete the form and return it to us, with supporting documents, within 14 days.
Getting help to pay for your care
Your financial assessment will work out how much, if anything, we can contribute to the cost of your care.
If you have more than £23,250 in savings and investments
If you have more than £23,250 you'll need to pay the full cost of your care (called self funding).
We can arrange your care if you’d like us to, but you’ll pay an additional fee for this as well as the full cost of your care.
If your total savings and investments fall below £23,250, you should ask us to do another financial assessment with you.
If you have less than £14,250 in savings and investments
If you have less than £14,250, we won’t include that amount in the assessment. You might qualify for financial help.
We’ll still need to assess any income you receive, such as pensions and benefits.
If you have between £14,250 and £23,250 in savings and investments
If you have between £14,250 and £23,250, you might qualify for help.
For every £250 you have in savings over £14,250, we'll count £1 per week as part of your assessable income.
For example, if you have £18,250 in savings, we’ll include £16 a week in your assessable income. This is because you have £4,000 more than the lower limit of £14,250, and there are 16 lots of £250 in £4,000.
The total amount you contribute towards your care will depend on any other income you receive, such as pensions and benefits.
When you might not pay anything for your care
You might not have to pay anything for your care if you:
- are receiving care under Section 117 of the Mental Health Act 1983
- have Creutzfeldt-Jakob disease (CJD)
- qualify for full NHS continuing health care funding
When we look at the value of your main home
If you live in a property that you own, we'll usually only include its value in the assessment if you're going to live permanently in a care home.
Get more detail of how we assess your property if you're moving into a care home
When we look at the value of additional properties
If you own a second home or physical assets such as land, we'll always include them in the assessment at their current market value.
Making sure you're left with enough money to pay daily costs
If you're going to receive care in your own home, we'll make sure you're left with enough income to cover essential outgoings such as:
- housing costs like rent or mortgage
- food, toiletries and utility bills
- disability related costs
This is called the Minimum Income Guarantee.
If you're going to live in a care home, we'll make sure you’re left with enough money to cover everyday essentials. This is called a Personal Expenses Allowance.
How to prepare for the financial assessment
Gather all the information and documents you need before you start the assessment.
We recommend you start doing this as soon as we tell you about the assessment, as it might take some time.
Get help completing the assessment
A friend or family member can help you with the form, as long as they have your permission and you sign the form yourself.
If you need someone to complete the assessment and sign it on your behalf, you can appoint someone to speak for you (an advocate).
Getting a decision after the assessment
We'll write to you within 2 weeks of receiving your financial assessment to let you know the result.
The letter will tell you how much you'll pay each week and how we worked it out.
We'll review the amount you pay each year.
Declaring your financial resources
It's illegal to give away assets to avoid charges for social care.
You must tell us if you have, in the last 7 years:
- given gifts or loans of more than £500 to anyone
- owned or sold any property
- disposed of any other assets like land, shares or investments
If we find out about an asset you've not declared, we'll review your assessment to include that asset. This could mean we send you a backdated bill for the amount you owe.
If your financial situation changes
Contact the financial team if your financial circumstances change after you complete an assessment. We may need to complete a new assessment to work out what you will pay.
If you do not tell us, you may get a backdated bill for the cost of your care.
Contact us
Phone
020 8770 5280 (24 hour answerphone)