Funding live-in care

FINANCING AT-HOME AND LIVE-IN CARE

Managing the finances in relation to care services at home or with a live-in caregiver can be an intimidating prospect. It may come as a surprise to some that Local Authorities do not offer much in the way of financial support, leaving people to shoulder the burden of care costs on their own. Often, the total cost of the services surpasses the initial estimate.

When it comes to at-home care, your earnings, benefits, pensions, and savings will determine the amount you have to pay for care. In England, the upper limit is £23,250, after which you are wholly responsible for the cost of care. On the other hand, if your capital is below £14,500, the local authority will fund your care. Those between these two thresholds may qualify for partial funding.

If you opt for live-in care, you can expect to pay anywhere from £800 to £1,600 per week, depending on the extent of care that is needed.

All in all, dealing with the financial aspects of care can be a difficult and daunting process. It is important to be well-informed of the total costs and options available in order to make the best decision for yourself or a loved one.

Live-in Care State Benefits

Attendance Allowance

The Attendance Allowance provides much-needed help to those with a physical or mental disability that requires daily care. This benefit is tax-exempt and available to seniors over the age of 65. The rate of assistance is based on the severity of the disability; typically, six months of care is needed in order to be eligible.

For more information, visit https://www.gov.uk/ and search for “Attendance Allowance.”

Disability Living Allowance

Do you or someone you know struggle with a physical or mental disability that requires daily care assistance? If so, Disability Living Allowance (DLA) could be the answer. This tax-free benefit is available to those under 65 who require help with personal care and/or mobility. It doesn’t matter if you are employed or not, and your savings and income won’t affect eligibility. The amount you receive will depend on the severity of your disability.

So, if you or someone you know needs help with daily care or mobility, consider DLA. It could be a convenient and valuable source of financial support. There’s no need to struggle alone any longer – DLA could be the lifeline you need.

For more information, visit https://www.gov.uk/ and search for “Disability Living Allowance (DLA).”

Pension Credit

Pension Credit is offered in two variations:

  • a. Guarantee Credit: For those who meet the minimum qualifying age, this credit ensures a minimum income by augmenting your weekly earnings.
  • b. Savings Credit: Aimed at individuals aged 65 or older who have made arrangements for their retirement, such as savings or a secondary pension.

Both Pension Credit types may increase if you are disabled, have caregiving responsibilities, or encounter specific housing expenses, like mortgage interest payments. For more information, visit https://www.gov.uk/ and search for “Pension Credit.”

Fore mode details about the possibilities you might find your care cost, please follow the below sources: