Finding Sources of Money for Care: Funding Long Term Care at Home
Live-in care is expensive, but there are sources of money for care you can claim to help you pay for the live-in care you need.
Attendance Allowance can be claimed for care at home. This is not means tested so you are able to claim the allowance regardless of how much money you have. The weekly allowance ranges from the lower rate of £47.80 per week to the higher rate of £71.40 per week.
Other sources of funding may be obtained from the NHS, you local authority, the Independent Living Fund or from various other funding methods such as eg. buying payment plans to cover care costs.
However it does depend on why you need care, the funding available in your area, and your financial means.
If you're thinking about planning long term care, here are some examples of the most common financial questions you may be asking:
"How will I be able to fund the cost of long term care?"
"I'm able to afford long term care but what might be my best option?"
"What financial assistance am I entitled to from the state?"
There are an estimated 19,200 homes sold each year in order to help individuals meet the cost of long term care (source: Laing & Buisson). But with proper planning and specific financial advice this figure would most likely be less. At any stage of your life, your long term care needs can be provided for; and the more care taken when planning this, the more effective it will be.
Although there are many sources of information and help on this subject, we are aware of an Independent Financial Adviser who is experienced in this field and are happy to provide his contact details for you here:
Danny Cashley, Cert PFS Certs CII (MP & ER) Positive Solutions (Financial Services) Ltd. Telephone: 01603 271789 Email: dannycashley@thinkpositive.co.uk Website: dannycashley-ifa.co.uk Danny offers a free initial consultation.
Here are some more useful links on money for care...