We can help you afford the care you want
“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.
The Live-In Care Plan, provided by Key Retirement
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.
- You remain the owner of your home, and have the right to stay there for the rest of your life
- There are typically no monthly repayments, as the loan, plus roll up interest, is repaid when the plan comes to an end
- You will never owe more than the value of your home, as you are protected against negative equity
- Some plans will allow you to guarantee a level of inheritance from your property
- Key Retirement will provide advice from a local adviser in the comfort of your own home
- A lifetime mortgage is secured against your home
- An equity release plan will reduce the value of your estate and may affect your entitlement to means-tested benefits
- Although a timescale cannot be guaranteed, it typically takes 8-12 weeks from application to completion
- Unless you decided to go ahead, Key Retirement’s service is completely free of charge, as their typical advice fee of 1.95% of the amount released would only be payable on completion of a plan.
Complete in 8-12 weeks
Want to know more about lifetime mortgages?
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
Why would social services recommend this?
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.
Solution - Direct Payment
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.
How we help
Here at Elder we specialise in helping families navigate this process with social services.
- Support and guidance in your communications with the local case worker in order to bolster your request for a Direct Payment.
- We can speak to social services on your behalf to explain the concept of live-in care and how other councils have worked with us in different areas.
- We are available 7 days a week to discuss the process with you and answer any questions you have