Live-in care provides many benefits to people who want to live independently in their homes while receiving care and support tailored to their needs. There are several financial help options available that can help fund live-in care. Here’s how to get financial assistance for elderly care.
One of the most significant sources of financial support is Attendance Allowance, a tax-free and non-means tested benefit administered by the Department of Work and Pensions (DWP). The Attendance Allowance is available to anyone who suffers from a physical or mental disability, and it is also available for people over 65 who need help with the cost of having someone to look after them. The benefit can provide up to £92.40 per week, and applicants may also be eligible for extra pension credits, housing benefits, or a council tax reduction.
Another source of financial support is the council tax reduction. People who are diagnosed with a ‘severe mental impairment’ (SMI), including those living with dementia-related conditions, may be eligible for a council tax reduction or exemption. A reduction in council tax can be an excellent way to help fund live in care.
The UK government also offers funding for live-in care. The first step to assess eligibility for this funding is to request a Care Needs Assessment from your local council. The assessment identifies the type of care and support that would help a person continue to live independently in their home. The assessment is free and available regardless of income or savings.
Should the Care Needs Assessment deem you eligible for support, the next step would be a means-tested Financial Assessment to see if you qualify for any state funding. Eligibility for local council funding starts if you have less than £23,250 in savings. The Financial Assessment Officer will enquire about your financial assets, including earnings, pensions, benefits, savings, and property.
If the results of the Financial Assessment show that you are eligible for assistance with funding, the council will pay the full or part of the funding of your live in care. In some cases, you will need to pay for all of your care.
Another option is an Immediate Care Plan (ICP) also known as an Immediate Care Annuity. This plan is designed to provide a steady tax-free cash flow to fund your live-in care. The cost is calculated based on your health and age, how much income you need, and what the cost of live-in care will be. The ‘plan’ then pays an agreed amount at regular intervals for as long as necessary.
If you need further advice on how to access financial help for live-in care, you can contact a Live-in Care Agency. They can provide you with more information on the different options available and recommend specialist independent financial advisers to assist you.
In conclusion, there are several financial help options available for live-in care, from Attendance Allowance and council tax reductions to government funding and Immediate Care Plans.
If you or your loved one needs live-in care, it is essential to explore these options to see what support is available. By doing so, you can find the right funding options to make live in care an affordable and accessible solution.