Funding care for themselves or a loved one is a question we’re asked about regularly and understanding all of your funding options can make a big difference to the care you choose. The cost for Live in care is all dependent your situation. You may be eligible for government assistance in meeting some, or all, of your care costs.
There are methods of public funding available for live in care and benefit entitlements are available for 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 their 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 Needs 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.
Funding your care privately
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 their care needs.
If you would like to discuss funding for live in care in more detail, please call our team on 0808 250 4792.