Live-In Care Funding Information

Funding Information

How do I fund Live-in Care?

Understanding how to fund you or your loved one’s care is often fraught with new information that is difficult to understand. The cost of care is often perceived as the first barrier to obtaining care services that are highly personalised and maximises you or your loved one’s choice and control.

Will the council pay for Live-in Care?

The first step is for your council to do a care needs assessment to check how much help you need. This is called a needs assessment.

The care needs assessment is free and anyone can ask for one. Find out more about getting a needs assessment.

If you need care, the council will then do a financial assessment (means test) to work out what you will have to pay towards the cost of your care.

The means test works out if:

• the council pays the maximum amount towards your care and you might have to pay a contribution too
• the council pays a smaller part of the cost and and you pay the rest
• you pay the full cost of your care

The financial assessment is free. It can be arranged for you after your needs assessment.

Paying for your own care (self-funding)

There are many ways to fund live-in care, including various financing options:

• From personal income, savings and/or investments.
• From 'Equity Release', a way of releasing cash from your home to pay for your care without having to move. There are 2 types of equity release. Lifetime mortgage - like a traditional mortgage, it's a loan secured against your home and Home reversion plan - this plan allows you to sell part (or all) of your home while you stay living in it.
• From an annuity - this converts your savings into an annual pension, giving you a guaranteed income for life, or a specified period.

Benefits can help with live-in care costs

You could be entitled to benefits such as Attendance Allowance and Personal Independence Payment (PIP). These are not means tested.

Attendance allowance is a benefit that you might be able to claim if you need help with care or have an illness or disability. There are two different weekly rates, and the amount depends on how much help you need. The lower rate is £76.70 per week and the higher rate is £114.60 per week.

Personal Independence Payment (PIP) can help with extra living costs if you have both a long-term physical or mental health condition or disability and difficulty doing certain everyday tasks or getting around because of your condition.

There are also a number of financial support options for people who devote more than 35 hours per week to caring for a relative or friend. There are strict criteria you must meet to qualify for the carer’s benefit, including being over 16 and ensuring the person you are caring for qualifies for a disability benefit.

Do I have to sell my house to fund live-in care?

The benefit of Live-in care is that you do not have to sell your home to pay for help in your own home. But you may have to sell your home to pay for care in a care home.

Noble Live-in Care are affiliates of Society of Later Life Advisers, SOLLA, a not for profit organisation dedicated to higher standards and accessibility to regulated financial advice for older people and their families.

Find out more

Speak to Allison, who is on hand to give you impartial advice on live-in care and how to fund it.

Please contact +44 (0) 333 121 2601 or email info@nobleliveincare.com.

It doesn't have to be that daunting to find information on how to fund for live-in care.

Meet the rest of the Noble Live-in Care team.