Moving a partner into a nursing home raises financial considerations.
When one exits the home due to the necessity of care, the relationship often undergoes a trying time - even financially. How much does the individual who remains at home contribute toward these costs?
The moment arrives when it's evident the care rendered at home is no longer sustainable; one's loved one is best suited in a care home. This marks a painful transition not only emotionally but also financially. Indeed, the personal contribution for a space in a care home, frequently reaching 2,800 euros or higher monthly, poses a substantial challenge for many pensions and savings.
As a result, the partner living in the residence may be compelled to shoulder these burdens. This can engender financial limitations for them, as per "Finanztest" (issue 6/2024). What differentiates spouses and partners from children is that they may only be inquired about covering the expenses of a care home if their annual income surpasses 100,000 euros.
It relies heavily on the couple's joint earnings
If the funds run low, the partner residing in the home should ask for social assistance. "Finanztest" suggests applying as soon as it's evident their assets will deplete to 10,000 euros per person or, for a pair, a combined sum of 20,000 euros.
The district authority then assesses the partner's income, with the couple's earnings serving as the foundation for this calculation. It's worth noting that this also applies to couples unmarried yet residing in a marriage-like union. Consequently, the couple's income is adjusted, with fees for crucial insurance plans deducted.
There is a minimum allocation for the homebound spouse
Crucial is that the homebound partner doesn't become dependent on public assistance themselves. Hence, they're left with a particular amount of money to sustain their lifestyle. This amount is known as the guaranteed amount. "Finanztest" adds that it generally equals the social assistance level 1 (currently 563 euros) plus the rental expenses. Regularly, social assistance offices augment the guaranteed amount by a small margin, a kind of safety cushion. Nevertheless, this isn't universally standardized.
The contrast between the couple's income and the guaranteed amount establishes how much the partner must contribute to the care expenses.
But what concerning the residence?
Sometimes, the home is relatively safeguarded, not necessarily requiring sale to fund the care. "Finanztest" reports that it's usually regarded a protected asset - provided the social welfare office sees it as "appropriate". Nevertheless, the law remains silent on a concrete definition of "appropriate." Depending on the regional social welfare authority, the evaluation incorporates the size of the property and the number of residents.
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- Senior couples might face significant financial challenges when one partner requires long-term care, as the costs for care homes can exceed 2,800 euros per month.
- For seniors living in a care home, the spouse or partner's financial contribution toward care expenses is a consideration, mainly if their annual income surpasses 100,000 euros.
- Stiftung Warentest recommends that partners seek social assistance if their assets are expected to deplete below 10,000 euros per person or 20,000 euros combined.
- Financial advisors can help seniors manage their finances during this challenging time, including evaluating existing insurances and considering long-term care insurance options.
- Statutory health insurance companies, along with other insurers, can provide assistance in covering certain care-related expenses, which can help reduce the overall burden on consumers.
- Consumer protection organizations, like Stiftung Warentest, advocate for the rights of elderly consumers, ensuring that they receive fair treatment from health and long-term care insurance companies.
Source: www.ntv.de
