Information and terms used for your financial assessment
Read more about the terms used for your financial assessment:
- Income
- Tariff income
- Capital
- Higher Capital Limit
- Lower Capital Limit
- Property
- Housing costs
- Disability Related Expenditure
- Minimum Income Guarantee
- Assessed Care Contribution
- Personal Expenditure Allowance
Income
All income you receive that is not earned from working. This includes income from pensions, benefits, investments, property rentals. You will be asked to provide proof of your income for your financial assessment. Some of your income may be disregarded from the financial assessment.
Tariff Income
This is a notional amount of income derived from the amount of capital held between the lower and higher capital limits. Between these limits, tariff income is applied to your weekly income at a rate of £1 for every £250 or part thereof of income held.
Capital
You will be asked to provide statements for any bank or building society and post office accounts that are held in your name or jointly with someone else. You will also need to provide details of any investments, shares, land or property that you own, other than your main or only home. You will be asked if you keep cash to hand and if so, how much.
Higher Capital Limit
This is the maximum level of capital you can have to be able to claim financial support towards your care costs.
Lower Capital Limit
This is the minimum level of capital which is included within your financial assessment.
Property
The value of your property will not be included within the financial assessment if it's your main or only home. If you own or partly own other property, then the value of your share of other properties will be considered as capital within the financial assessment.
Housing Costs
Housing costs that you are liable for can be considered. Housing costs include mortgage or rent not covered by benefit, house and contents insurance, and Council tax.
Disability Related Expenditure (DRE)
You will be asked about any additional costs that you have because of your disability that is reasonable and necessary. If you're paying for items that can or should be provided by the Council or the NHS, then we will let you know.
Minimum Income Guarantee (MIG)
The Minimum Income Guarantee (MIG) is the amount of income (excluding income not included in the assessment) that you can keep after considering your housing costs, disability related expenditure and the assessed care contribution. The applicable Minimum Income Guarantee varies depending on age and eligibility for disability premiums.
Assessed Care Contribution
Your ability to pay; this is the outcome of your financial assessment and the maximum amount you be asked to pay towards care and support.
Personal Expenditure Allowance (PEA)
This is the income you can keep each week to cover any incidental expenses you may have. This amount is reviewed and set annually by the Department of Health. If you do not have an income, it is not the responsibility of the Council to provide one. If you have capital more than the Higher Capital Limit, you will not be eligible for any support towards care costs from us. You will pay the full cost of your care.
Also see:
Adult Social Care Community Team
Telephone: 01904 555111, Textphone: 07534 437804
Adult Social Care Emergency Duty Team
Contact the Emergency Duty Team for assistance.