Funding live in care - how is it done?

With so many elderly people preferring the independence that comes with remaining in their own homes but also receiving the care that they need it’s no wonder that live-in care is becoming an option that far more people are turning to. As with any other type of care for an elderly person it is important to carefully consider finances and especially those that might be needed in order to sustain what may end up being a long-time care situation in your loved one’s own home.

There are a number of funding options available to those people looking at live-in care and here we will take a look at some of them.

The first step that you should take when considering any type of care funding, and that certainly includes live-in care, is to get in touch with your local authority and discuss your requirements. They will be able to arrange for a needs assessment to be carried out free of charge. This will take a look at the type and level of care that is needed.

The council will look at a variety of factors in order to determine what steps they should take next and exactly what funding options are potentially available. There will also be an option to undertake a financial assessment which will work out if you might be eligible for any funding from your local authority – in order to do this your “means” will be examined, that is any income you have, any savings and property. If the capital that you have exceeds the threshold then you will need to pay for care yourself.

If you are not eligible for any assistance from the local authority, then you will need to look at ways of self-funding your care. It is important that you get financial advice from an independent financial advisor, they will be able to advise you on all the legal aspects of your funding care as well as showing you some of the funding options that are available to you.

Unlike other type of care, live-in care makes it necessary to keep your home which means that one potential source of funding for your care is not available to you.

Fortunately, there are other types of financial arrangements that you can look into including an immediate care plan. This is a plan that is designed with the purpose of covering your continual and future care costs. This is in affect a type of annuity contract that offers you the chance to convert a lump sum one off payment into a regular stream of income that can potentially be tax free. This money is used to pay for your care fees, directly to the live-in care provider. Depending on certain circumstance such as health this can cover your care fees for life.

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