What is the cost of live-in care?

How can I fund care for myself or a loved one, is a question we’re asked regularly. Understanding all of your funding options can make a big difference to the care you choose. The cost for live-in care is dependent on your situation. You may be eligible for government assistance in meeting some, or all, of your care costs.

The financial side of care for a loved one can be daunting. Wondering how much does a live-in carer cost or have concerns about the cost of live-in care? Don’t worry, we’re happy to help you through the entire process, step by step.

What funding options are there?

There are a range of public funding options available for live-in care as well as benefit entitlements available to many. Customers can fund their care privately or via direct payments. However, if you need advice on care funding options, we recommend that you speak with a Financial Advisor who has experience in this area.

Funding care from your local authority.

In the first instance, we would recommend contacting your local authority to see if they are able to cover some of the costs involved in your care plan. Individuals with income or savings above a certain threshold may not be able to claim relief from local government.

The Money Advice Service provides more information on how to find out if you are eligible for funding from your local authority – at the very least, you will be entitled to a care needs assessment.

Are you entitled to benefits?
Many people will be entitled to certain benefits from the state, which can go some way to paying for the cost of live-in care. There are a number of different benefits available, including:

Pension Credits
Savings Credits
Attendance Allowance
Disability Living Allowance
Constant Attending Allowance
Carer’s Allowance
Council Tax Benefit
Could you claim a personal health budget?

As of October 2014, individuals who have been receiving NHS Continuing Healthcare have been able to claim a personal health budget. The money provided can be used to set up a care package with an independent care provider such as ourselves, with the support of your local NHS team.

Could you draw upon an Immediate Need Care Fee Annuity?

An Immediate Needs Annuity can provide a guaranteed, regular income that can help you meet the cost of care. In the first instance, you will need to pay a one-off fee when you purchase the annuity.

What about Self Funding Care?

You can, of course, choose to pay for care yourself with savings. Alternatively, some people decide to release the equity in their home in order to pay for the cost of live-in care.

Still unsure about the cost of care in the home for the elderly? If you would like to discuss live-in care costs for elderly relatives in more detail, please call our team on 0808 250 4792.