Manage your personal budget
How do I manage my personal budget?
As part of your Care and Support Plan, we will draw up an individual budget which sets out exactly how much it will cost to meet the care and support needs you have.
The individual budget will include any amount that the local authority is going to pay towards those costs. It will also set out any money you will have to pay towards your care and support.
Your individual budget can be managed in three ways:
You can look after this yourself in a specific bank account dedicated only to your Direct Payment and activities relating to your outlined needs in the Care and Support Plan. This means you will be responsible for ensuring the services are paid for on time and that you keep all your receipts together. We can offer advice and information about how to do this with confidence. Many people who think they cannot manage a Direct Payment can manage very well with some guidance and support.
In discussion with you, we find support that we believe meets the needs you have outlined in your Care and Support Plan. This means we will manage your allocated budget for you.
We work with a family member or third party organisation who can manage the individual budget on your behalf.
Depending on your savings and regular income, there are a number of ways you may be able to cover your care costs by off-setting them against the value of your home.
A Deferred Payment Agreement is an arrangement with the City Corporation enabling people to use the value of their home to help pay care home costs. If you are eligible, the City Corporation will help to pay your care home bills on your behalf. You can delay repaying the City Corporation until you choose to sell your home, or until after your death.
You may be able to get a Deferred Payment Agreement if:
- you are getting care in a care home (or you are going to move into one soon)
- you own or have part legal ownership of your home (unless your partner or certain others live there)
- you have savings and investments of less than £23,250 (not including the value of your home).
The City Corporation charges interest on the amount owed for your care and charges an administration fee of £500 for setting up a Deferred Payment Agreement.
A Deferred Payment Agreement is not the only option for paying for your care. You should speak to City Advice before making any decisions.