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.
Our expert advisors are well versed in all the different ways you can unlock the funds you need to pay for the care you want.
The Live-In Care Funding Plan
One of the biggest challenges people who are looking to fully or partially pay for care themselves, is how they can reliably ensure a continuous amount of funds to pay for care, without seriously depleting their disposable income. We’ve worked with financial experts to create a solution that enables people to unlock the value of their parent’s home, without having to sell it.
By taking out a lifetime mortgage you can pay for care, and if the value of the property increases during the period, you could even end up reducing your overall net outgoings. You can rest assured that care can be paid for over the long term, whilst ensuring your cash flow isn’t affected.
- Your parent still owns the home and can stay in it for the rest of their lives.
- There are typically no monthly repayments
- You can draw down cash in lump sums as and when you need it
- You will never owe more than the value of the home - you are protected against negative equity
- There are options that mean you can guarantee a level of inheritance from the property
Getting the Live-in care funding plan can take as little as 8 weeks
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