When you find yourself in a situation where you cannot afford the costs of a care home, it is essential to know what options are available to you. At Óptima Mayores, we provide information on realistic ways to achieve this.
Options to afford care home costs There are various ways to approach the cost of a care home, ranging from public assistance to financial strategies such as property sales or taking out a lifetime mortgage. Here are some alternatives you can consider:
- Apply for public assistance: It is important to look into the Dependency Law and available local authority grants. This aid can include places in public care homes or subsidies to help pay for private care. It is vital to start the process as soon as possible, as these grants can take several months to be processed.
- Reduce monthly expenses: Reviewing outgoings such as unnecessary subscriptions or re-evaluating utility bills can help free up some budget.
- Request a dependency assessment: This is a key step to accessing specific social services and financial support.
- Consider alternative care homes: Researching different facilities might reveal more affordable options that still meet your needs.
- Explore intergenerational living programmes: Some schemes allow younger people to live with seniors in exchange for company and assistance.
- Hire a home carer: In some cases, staying at home with professional help can be more cost-effective than a residential home.
- Sell the house without losing the right to live in it: Options like home reversion or sale & leaseback allow you to unlock capital while staying in your home or securing your future care.
The Lifetime Mortgage as a solution A lifetime mortgage provides additional income without the need to sell your home immediately. Upon the passing of the senior, the heirs can decide whether to settle the debt with the financial institution or sell the house to cancel the loan.
Family support In some cases, family members or close relatives can contribute financially or share the caregiving burden.
At Óptima Mayores, we help you find a solution to afford care home fees. Contact us or call us for free on 900 900 100 to assess the available alternatives we can provide.
