has the following definition of the term: In this context, ‘ labor‘ refers to the ‘ workforce.’ For example, lower raw material or labor costs are economic benefits. Profit and net cash flow are also economic benefits.Īn economic benefit may also refer to a reduction in something such as a cost. Net income and revenues, for example, are forms of economic benefit. If you're not happy with the way the council handles your complaint, you can take it to the local government and social care ombudsman.Īn ombudsman is an independent person who's been appointed to look into complaints about organisations.An economic benefit is any benefit that we can quantify in terms of the money that it generates. Your council should have a formal complaints procedure on its website. If you don't agree with the results of your financial assessment or how it was done, you have the right to complain.įirst complain to your local council. How to complain about a financial assessment Read more about mean tests for help with care costs and how they work on the MoneyHelper website. call the MoneyHelper helpline on 08 (for all ages).find a local accredited financial adviser at Society of Later Life Advisers (for older people).If you want to talk to someone about the financial assessment: If you have any questions about how your financial assessment has been worked out, ask the council to explain it to you. The council must regularly reassess your finances, usually once a year. Read more about paying for your own care (self-funding). If you don't qualify for council help with costs, you'll be expected to pay the full cost of your care. the council organises your care and you'll get a regular bill to pay towards it.a direct payment into your bank account each month.You can choose to get your personal budget in 2 ways: If you qualify for council help with costs, you'll be offered a personal budget. The council will write to you about how much your care will cost and the amount you have to pay. If you need a paid carer to come into your home, the value of your house won't be included in the financial assessment.īut if you're paying for a care home, the value of your house will be included unless your spouse or partner is still living in it. Will I have to sell my home to pay for care? Make a list of any disability-related expenses you have so you remember everything when you're asked about it. savings in bank accounts, building societies, ISAs or premium bonds.Make sure you have all the information you'll need. How to prepare for a financial assessment If the council thinks you have reduced your wealth on purpose, it might stop you getting any type of financial help. The assessment can ask you about things you used to own. It won't work to spend your money or give your property away before the financial assessment. They won't need to know about the value of your possessions or any life insurance policies. benefits (including Attendance Allowance or PIP).What happens during a financial assessmentĪ Financial Assessment Officer from the council will contact you to ask about things like your: You don't need to get a financial assessment yourself. The financial assessment is free and happens after a needs assessment or carer's assessment. The more money you have, the more you'll be expected to pay. It may be that you'll have to pay towards the cost of your care. From October 2025 this will rise to £100,000 in savings. In England the council generally helps to pay for care costs if you have savings less than £23,250. A financial assessment or means test works out if the council will pay towards your care.
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