What is a Financial Assessment?
Adult social care is not free like NHS healthcare. How much you pay depends on your income, savings and some expenses.
If you have savings over £23,250, you choose not to have a financial assessment, or do not complete the financial assessment paperwork, you will pay the full cost of your care. You will be a ‘self-funder’.
If you have savings below £23,250, we will complete a financial assessment to work out how much you will need to pay.
What is a financial assessment?
A financial assessment is how we work out what you can afford to pay towards your care.
A financial assessment looks at your income, capital, some of your regular expenses and your circumstances to work out your weekly charge for care and support; this is done in line with national rules under the Care Act 2014 and our local charging policy.
A financial assessment is completed by a Financial Assessment Officer, who is part of the Adult and Children’s Financial Services Team.
How can I complete a financial assessment?
If you have had a social care assessment and may need ongoing care, your social worker will tell you how you can complete the financial assessment.
You can complete your financial assessment via the Social Care Portal, via post or email, or we can complete the assessment with you by phone.
You can ask for information in easy read, different languages or with an interpreter if needed.
If you have not yet had a social care assessment, you can contact Staffordshire Cares on 0300 111 8010 who will be able to help you.
How do I prepare for a financial assessment?
As part of your financial assessment, you will need to provide evidence of:
- Your capital - cash, money in a bank, building society or post office account as well as money held in premium bonds, National Savings certificates, stocks and shares.
- Your income – earnings, pensions and benefits
- Your housing costs - rent or service charges
If you do not have something, tell us and we will advise what you can send instead.
We will send you a reminder of the information you need to provide and when it must be sent by. If you cannot provide the information in time, you must tell us. If you do not tell us, we will charge you the full cost of your care.
If you want your financial information to be provided by someone else, you need to tell us who helps you. This could be a family member or friend, or an official representative who has Power of Attorney or legal authority.
A family member, friend or advocate can support you during your financial assessment.
What happens after a financial assessment?
We will tell you how much you need to pay towards your care and the date from which you will need to start paying.
We will explain how to report any changes in your income, savings or circumstances to us.
- If you are eligible for funding, we will pay from the latest of these dates:
- The date you ask us for help (if you gave us the evidence) or
- The date we get your evidence (if you take longer to send it).
- The date your savings drop below £23,250
If you pay for your own care as a ‘self-funder’, we can:
- Give advice and guidance and help you make/ a care and support plan.
- Arrange care in your own home (there is a set‑up fee and weekly admin charge).
- Complete another financial assessment when your savings are around £30,000 by contacting Staffordshire Cares on 0300 111 8010
