A deferred payment agreement is a solution available to those who require financial assistance from their local authority to pay for their care home fees. In effect, the arrangement allows individuals to delay paying their care home bills until a later date, typically when their property is sold or their estate is settled.
For many, this can be a valuable option as it means they do not have to sacrifice their assets or savings to fund their care. Instead, they can rely on support from their local authority and pay back the deferred fees once they have the resources to do so.
While deferred payment agreements have been available for a number of years, changes to the rules surrounding this type of arrangement were introduced by the UK government in 2015. These changes made deferred payment agreements more widely available to those who require them, regardless of their financial situation.
One key benefit of a deferred payment agreement is that it offers greater flexibility to those who need it most. For example, if you require care but do not have sufficient funds to pay for it, a deferred payment agreement can allow you to remain in your care home without worrying about how you will pay the fees.
Moreover, the arrangement can provide peace of mind for those who are responsible for their elderly relatives` care. It can be a stressful and emotional time for families who need to make difficult decisions about their loved ones` care. Deferred payment agreements can relieve some of the financial pressure and allow families to focus on what is really important: their loved ones` wellbeing.
In conclusion, a deferred payment agreement can be a lifeline for those who require financial assistance to pay for their care home fees. The UK government`s changes to the rules surrounding this arrangement have made it more accessible to those who need it, regardless of their financial situation. If you or someone you know is facing the prospect of care home fees, a deferred payment agreement could be the solution you need.