“Andrew was really helpful and reassuring in guiding me through my funding options. Knowing that paying for all of Dad’s care is sorted forever is a massive weight off my shoulders.” — Gary, Bristol
Regardless of what type of care you choose, paying for it can seem daunting. After all, you are paying a trained professional to look after your loved one
Elder’s expert advisors are well versed in all the different ways you can pay for the care you want.
We’ve teamed up with independent lifetime mortgage specialists Key Retirement to offer the live-in care plan, which gives you the chance to unlock some of the money from your home without having to sell or move out. The live-in care plan is a lifetime mortgage – the most popular form of equity release – and could help you to meet care costs without it becoming a financial burden.
The amount that you are able to release will depend on a number of factors, including your age, property value and health. This means that a live-in care plan may be able to cover all of your care costs, or it may provide a welcome contribution. Please be aware that the funds unlocked from a lifetime mortgage are not unlimited, and may not meet the cost of your care for the rest of your life.
You may also have the option of releasing money in stages, allowing you to take smaller sums over time as and when required to help meet care costs. This is known as a drawdown plan.
Anybody who has less than £23,400 in liquid assets (i.e. excluding the value of their property) is eligible to a level of financial support from Social Services. The amount they will contribute will depend on a number of factors ranging from the individual’s pension, to the amount family members may be able to afford.
Social Services have spent decades developing systems to handle home care for those that are part or fully funded. These systems are built around hourly care and the care home as the two options that are given to families. When 3 or 4 visits per day (roughly 3.5 hours of care) is not enough each day, the social services will suggest a care home. Many families follow this advice and thousands of people are put into a care home before they need to.
“Elder worked tirelessly to ensure I got the money I was due from Social Services.” ― Mary, Norwich
Live-in care is a relatively new service and can be difficult to source, especially at a reasonable rate. Therefore, most caseworkers will discount it immediately as an option or may not even be aware of it. As a result many local authorities are not set up to deal directly with live-in care providers.
If you have decided that live-in care is the best solution for you, then there is a solution that every family is entitled to. This is called the ‘Direct Payment’ scheme which every council has. This basically gives places the funding of care into the hands of the family, enabling them to select the care provider they prefer and the level of care they feel suitable. The council will assess needs of your loved one and determine an amount as a budget you to use. This can be anything from £50 up to £600 per week depending on your needs and finances.
Here at Elder we specialise in helping families navigate this process with social services.