6. Care and support financial assessment policy
This Financial Assessment Policy sets out the national and internal local Council rules that we use to work out how much an individual can afford to pay towards the costs of the Care and Support services provided to them. It has been drawn up in accordance with the Care and Support (Charging and Assessment of Resources) Regulations 2014 and the Care and Support Statutory Guidance which are issued under Section 17 of the Care Act 2014.
Information that applies to all financial assessments for all care and support settings
What is a financial assessment for care and support?
A financial assessment is a calculation of the charge you will be required to pay towards the costs of your care1.
If you have capital assets above the Upper Capital Limit2 you will be required to pay the full costs of your care and support.
If your capital assets are below the Upper Capital Limit or the Council cannot identify the level of capital you hold we will carry out a financial assessment and ask you to tell us about:
- Your income – how much money you have coming in
- Your capital assets – your savings, investments, land and property
We then work out how much you can statutorily keep for personal use3.
We use this information to calculate your Assessed Weekly Charge. This is the most you would be asked to pay towards your care and support and is subject to review. If your care and support costs are less than your Assessed Maximum Weekly Charge you will be required to pay the full costs of your Care and Support.
Your Assessed Weekly Charge will change when your financial situation changes, for example if your income or savings change. We will review your financial assessment in line with any changes in your circumstances.
If the service you receive is an after-care service under Section 117 of the Mental Health Act 1983 you will not require a financial assessment.
If your care and support service is fully paid for by the NHS under Continuing Healthcare you will not require a financial assessment.