Care Funding

In common with many, if you like the idea of staying in your home with live-in care 24/7, you probably have one key question: How will I fund live-in care?

With a cost comparable to many residential care homes, live-in care could be more affordable than you think...

Many people seeking care for themselves or family members can easily become overwhelmed with the financing options available including those from the State. On this page we aim to lay out and answer your questions as simply and as straightforwardly as possible. Contact the live in care hub directly https://www.liveincarehub.co.uk/about-us/ if you have any questions that aren’t covered here, or if you want to discuss any aspect of live in care and it’s funding in more detail.

State funding

These are the main ways in which government funding can be used to fund live-in care:

Funding live-in care privately

These are the main ways in which live-in care can be privately funded, as recommended by us at the live in care hub:

Key points about funding live-in care
  • Unlike residential care, where many people have to sell their family home today and then place the capital in a bank on low annual interest to fund living in a care or nursing home, you will continue to live in an appreciating asset over time, where priceless memories reside, and where you will continue to live as far as possible a normal life, inviting family and friends to visit in the usual way.
  • For many people, the cost of live-in care is comparable to the cost of residential care, without theupheaval of leaving the familiarity of your own home. Live-in care is an even more advantageous option for couples who need long-term care in their home where one live in carer can usually cope with two clients.
  • Research commissioned by the Live in Care Hub and independently authenticated by Kent University shows that health and wellbeing stays higher when remaining in the comfort and familiarity of your own home.
  • Unlike residential care, many people who are paying privately pay more so that the provider can ‘top up’ what local authority funded residents pay. Clients of live-in care providers pay based on their care needs.
What is the best funding option for me/my family?

The choices you make to fund live-in care are entirely individual to you, your family and your circumstances. Many people may have more than one option to fund their care. At the live-in care hub, we would strongly advise discussing yours and your family’s circumstances with a trained and authorised independent adviser (IFA) authorised by the FCA to provide financial advice. Make sure you choose someone who is qualified to offer this advice and isn’t looking to sell you a specific product or service. The live-in care hub is full of impartial information and is vital in helping you to make an informed decision about your live-in care options.

Legal considerations

In conjunction with sourcing advice about funding care, a person needing care who is considered to have mental capacity should have all of the legal aspects of their affairs in order, an example of this could be a Lasting Power of Attorney (LPA) in place with trusted members of your family, and an up-to-date Will so that all of their future wishes about their care and finances are documented and carried out with the necessary advanced planning.

Additional sources of information

UK Government: https://www.gov.uk/government/publications/care-and-support-whats-changing/care-and-support-whats-changing

https://www.gov.uk/browse/benefits/disability

Age UK – Paying for Care: https://www.ageuk.org.uk/information-advice/care/paying-for-care/

The Money Advice Service – Paying for Care: https://www.moneyadviceservice.org.uk/en/categories/paying-for-care

Society of Later Life Advisers: https://societyoflaterlifeadvisers.co.uk

Which? – Financing Care: https://www.which.co.uk/later-life-care/financing-care

Responsible Equity Release: https://www.responsibleequityrelease.co.uk

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