Funding Live-in Care

1. Available Funds
Referring to your cash savings, or rather the savings of the person requiring care. 

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2. Investments
A low-risk investment strategy might provide better returns, though it’s crucial to constantly review any investments with your financial advisor.

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3. Immediate or Deferred Needs Annuity
This allows you to purchase an annuity that covers your care costs for life.  This means that you invest a lump sum upfront and when needed a regular income is provided to cover your care. Other names for this same product could include ‘immediate care plan’, ‘immediate need care fee payment plan.’ How much you pay upfront typically depends on a few criteria such as your age, current annuity rates, life expectancy etc.

A deferred needs annuity is for those who feel they will need care in the future, this can be months or years ahead. IN this case, the annuity rate will be fixed ahead of time so if rates did increase you would be locked into the lower rate, but this plan is often cheaper that the immediate needs as the insurance company will expect to pay you an income for a shorter period of time. 

4. Lifetime Mortgages (formerly Equity Release)
This is a financial product. It is a loan which is secured against your home. Once arranged this enables you to access a percentage of the value of your property (tax free), in this case, to pay for your care. The loan becomes repayable upon your death or if you move permanently from your home.

There is also a product called a Home Reversion Plan which is almost opposite to the Lifetime Mortgage and would see a partial sale of your home to a ‘home reversion provider’ in exchange for a lump sum of money. In this instance you will not ‘own’ your home anymore but can remain living in it until you pass away.

5. Government Financial Support
There are several funding options that may help alleviate expenses for you or a loved one. In the UK, a range of funding options are available depending on your financial situation, care needs, and the type of care required.
 

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What is Care Funding?
When people talk about care funding in the UK, they refer to financial assistance or benefits provided to cover the costs of care services from the government, NHS or local authority.

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Types of Care Funding Available

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• Personal Independence Payment (PIP)

PIP supports individuals aged 16 to 66 with a medical condition or disability. It’s not means-tested and offers between £1,518.40 and £9,747.40 a year. There are two parts to a PIP payment:
 

Daily Living – for help you may need with your everyday tasks
 

Mobility – for help you may need getting around
 

Which ‘part’ you may be eligible for is determined by how difficult you find the tasks in question. The Department for Work & Pensions assess your eligibility and in so doing ask certain questions regarding safety, length of time a task takes, how often your condition hampers your ability to perform a task and whether you need a person or some equipment to help.

To check your eligibility, visit: https://www.gov.uk/pip/eligibility
 

Top Tip: Call the DWP directly on 0800 917 2222 and talk to them about starting a claim.

• Local Authority Funding

If your assets are below £23,250 (also known as the UCL or Upper Capital Limit), you may qualify for this funding. This funding is assessed on both your care needs and your finances. Your local authority will perform what’s known as a ‘Needs Assessment’ to determine your eligibility.

Anyone can request one and there is no cost for asking or having one completed. This is a means tested funding and could see your local authority contributing to part/all or none of your care requirements.

Should the council decide your are eligible they will give you a ‘Personal Budget’ which can be paid directly to you (known as a ‘Direct Payment’) or can be managed on your behalf by the council who will pay your care provider on your behalf.

Step-by-step guidance on your funding options is included in our FREE e-booklet—click here to get your copy!
Want to talk to one of our team? Call our friendly Care Consultants on 0330 401 0023 to talk it through.

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• NHS Continuing Healthcare (CHC)

CHC is a fully funded provision of care provided by the NHS for those with significant health needs. It can be used for live-in care at home.

A fund for adults, this financial assistance requires your need to be assessed by a multi-disciplinary healthcare team who will analyse the help you require and balance those with complexity & intensity of your needs, any unpredictability and risk of the right care not being provided when needed.

Continuing healthcare is based on need, not condition or diagnosis. There are specialist companies that help people complete their applications for CHC funding as the paperwork can be complex. If you’d like to be signposted in this regard please do ask us. 

Visit: https://www.gov.uk/government/publications/nhs-continuing-healthcare-checklist to take a look at the NHS continuing healthcare checklist.

• Attendance Allowance – Potentially Saving You £5,740 per Year

This benefit supports people over State Pension age who need help or supervision due to a physical disability, mental disability or a health condition.

There are two rates.

• The lower rate: £73.90 per week (typically for those requiring frequent help or constant supervision).

• The higher rate: £110.40 per week (for supervision or nearing end of life) depending on the level of help you need. This is not a means-tested fund.

As a client of Access Care, you may qualify for the higher rate and it doesn’t hurt to apply. 

Find out more and apply here: https://www.gov.uk/attendance-allowance/how-to-claim

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How to Get Started
1.    Contact Your Local Council – Begin with a needs assessment.
2.    NHS CHC Assessment – Ask your GP for an evaluation.
3.    Explore Private Funding – Financial advisors can guide those who are self-funding.
4.    Get Independent Advice – Charities like Age UK and Carers UK are fantastic resources.
5.    Ask Us at Access Care – We’re happy to help connect you with professionals in our trusted network.

Need help figuring out where to begin? Call our Care Consultants on 0330 401 0023 for friendly guidance and support tailored to your situation.

Prefer a digital guide you can keep?

Download your FREE e-booklet now to help you explore every funding route in your own time.

Useful Resources and Contacts

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• NHS Continuing Healthcare Info

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• Age UK – Care Funding Advice

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• Carers UK – Care Costs Guide

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• Government Advice on Social Care and Support

Still feeling unsure where to start?

Click here to get your FREE Funding Live-in Care e-booklet - or speak directly with one of our experienced Care Consultants today on 0330 401 0023. We're here to help you every step of the way.