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Live-in Home care is a fantastic way to receive care whilst remaining in the familiar surroundings of your home. As with all services it comes with a fee which is considerably less than a nursing home but with many added benefits. Paying for your care or that of your loved one should be planned as early as possible. Paying for Home Care can be a daunting and unfamiliar feeling but there is support out there that you can tap into for either yourself or a loved one – especially if savings may not be an option.
A Class Care Home Care Cambridge has provided you with a list of options that may aid you when funding your care.
Savings – Equity release
Saving’s, equity release, investments, and immediate care annuity.
Savings – Putting money each side over the years to pay for your care is a standard option and can be released slowly for the period that you need care. However, please read the below section detailing what support is available should your savings fall below the threshold.
There are 2 types of equity release available:
Lifetime Mortgage & Home revisions.
Both types of equity release allow you to stay in your home and release money from the property (either as a lump sum or a series of smaller amounts). It is vital that you seek expert advice to ensure that you make the right decision.
Lifetime Mortgage – You can take out a loan against your property and still own it. You do not normally have to make regular interest payments unless you choose to do so. The loan is usually repaid when the property is sold after the last remaining owner passes away
Or moves permanently into a care home.
Can you protect your family’s inheritance?
There are plans available where you can protect your equity. You can choose an amount to protect as a percentage, allowing you to ring fence a portion and feel comfortable that no matter one a portion of your equity is protected.
Home Revisions – You could update your property which could increase the value of the property which could enable you to increase the value of the property. Therefore, taking out the difference between what was paid for the property and the current market value.
You could secure a guaranteed income with a care funding plan to pay for your care fees. This is known as long term care annuity or immediate needs annuity. This means that you are able to take out insurance policy that pays a regular lifetime income towards your care fees. There are a number of positive advantages to securing a care annuity as it’s the only plan available to help you fund you care for a lifetime and you can use the funds to pay directly to a provider.
We would recommend that you speak to a financial advisor that maybe able to provide you with the full advantages of this funding service.
Local Authority Funding
Currently in the UK care funding is means tested at a level of £23,250.00. This basically means that if you own assets or have savings over £23,250.00 you will be required to pay for your own care. However, if you are unwell or suffer with Dementia or a long-standing debilitating illness you may be eligible for NHS funding through the Continuing Health Care Team (CHC).
If you have funding that is less than £23,250 the local council may assist with funding. Its advisable that you request a care assessment a few months before your capital reaches less than £23,250.00 as there can be some delay with completing the assessment and if approved the cancel funding the care and providing you with you further information.
There are state benefits available that are not means tested and are tax-free. If you are under 65 years-old and are looking for help to fund care you may be eligible for the Disability Living Allowance.
If you are over 65 years-old, you may be eligible for Attendance Allowance. The contribution is paid at the rate of £55.10 per week or £82.30 per week, dependant on whether you need 24-hour help.
Here at A Class Care Home Care Service Cambridge we want to encourage all our prospective clients to remain at home for as long as they can. We want to make sure that you have chosen the best option for you and your loved one when it comes to funding options. If you would like to find out more about the cost of care or how to find suitable care then please do not hesitate to contact us on 01223 864 066 or email firstname.lastname@example.org