How Can I Fund Live-in Care?

Funding for live-in care can be accessed through several methods. You may be eligible for financial assistance from your local authority or NHS, which means-test care costs. Alternatives include insurance payments, home reversion plans, or equity releases.

What is Live-In Care? The Essential Guide For 2024

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Understanding the Cost of Live-in Care

Before you can understand how to fund live-in care, it’s essential to understand the cost of live-in care. These costs can vary greatly depending on the specific needs of the individual requiring care and the agency or caregiver providing care. Some carers may also ask for travel costs to be covered if they travel for a few hours to a job.

Means-tested Financial Assistance

In the UK, local authorities or the NHS may provide financial assistance to help offset the cost of live-in care. This financial aid is often means-tested, meaning your income and savings determine your eligibility. You might also be able to include the value of your property in this calculation.

Releasing Equity from Your Home

If the person being cared for owns their home, it may be possible to release equity from the property to help fund their care. This could be done through a home reversion plan, where a portion of the home is sold to an equity release company, or through a lifetime mortgage, where a loan is taken out against the property.

Insurance Policies

Some insurance policies may help to cover the cost of live-in care. Depending on the policy, this could include paying out a lump sum if you become seriously ill or injured or providing a regular income if you cannot work due to illness or disability. Before purchasing an insurance policy, it’s essential to carefully read the terms and conditions and consider whether it’s the right option for you.

Direct Payments

In some cases, you may be eligible to receive direct payments from the local authority to pay for care services yourself. These direct payments can give you more control over the care services you receive, allowing you to choose your own care providers and negotiate your own fees.

Private Funding

It’s also perfectly possible to privately fund live-in care. Private funding means paying the costs yourself without the help of the local authority or NHS. Private funding might be a good option if you have savings or investments that can be used to pay for care.

Navigating Live-in Care Options

Choosing the right living-in care option can be a daunting task. It is always wise to seek professional advice. Services like PrimeCarers can guide you through finding a live-in carer, ensuring the caregiver and patient have a positive experience.

Conclusion

Funding live-in care is a multifaceted process that can seem overwhelming. But with careful planning and understanding of the various avenues of financial support available, you can ensure that the individual requiring care can receive the support they need without becoming a financial burden. Services like PrimeCarers are here to help navigate this complex landscape and ensure that your loved ones receive the best possible care.