What does a financial assessment involve?
The financial assessment takes up to 40 minutes and is completed either on a paper form, or by a telephone or video call appointment arranged with a member of the Financial Assessments and Benefits Advice team.
We will ask you to provide us with information about your income, your spending and any savings and assets that you have. Assets are things you own that have a financial value such as shares and investments. This will help us to work out how much you are able to contribute towards your care.
The government sets an amount of money which you can keep. This is called the Minimum Income Guarantee.
We can talk to you about some expenses you may have because of your condition or disabilities. We call these ‘disability-related expenses’ and they may include things like exceptional laundry costs or paying for certain equipment. These do not include what we consider to be normal daily living costs.
We will consider these items and may discuss them with you before we decide what amounts can or cannot be included as expenses that relate to your disability or care needs.
If you need care in your own home, we won’t include the value of your property.
If you move into a care home, we may include the value of your property.
As part of the financial assessment, we may also offer you advice on welfare benefits. This could help increase your income by claiming any benefits you might be entitled to.