Home Business Insights & Advice Paying for home care: Finding the right option for your family

Paying for home care: Finding the right option for your family

by John Saunders
21st Jul 22 10:55 am

Every year, the national cost of dementia is £34.7 billion. On average, that is an average annual cost of £32,250 for every person who receives dementia care.

If one of your loved ones is struggling with dementia, it’s essential to understand the price of care from the start. Once you know your options, you’ll be able to make an informed decision about which path to take.

Getting to know different types of care

To start with, you need to consider what type of care you need, how many carers are required to provide it, and for how long.

The lowest-threshold option is hourly care. Here, a carer visits for short periods, depending entirely on your individual needs. It’s often appropriate for early-stage diagnoses.

The second type of care is live-in care, which involves a carer moving in on a permanent basis. The upside is that they can provide support any time it is required. Often, this involves two carers working together for round-the-clock support.

Finally, there is respite care if you are the primary carer. It allows you to take an organised break to recharge mentally and physically.

Assessing your precise needs and financial limits

Next, a care assessment will help you figure out exactly how much to pay for care, considering your financial limits. You can arrange this for free through the local authorities. Once this is done, a care specialist will visit to discuss your options with you. At this point, it is essential to be straightforward, specific, and open during the assessment. Let the specialist know where your limits are and what you expect.

Based on this information, your care plan will chart the overall cost of the care you need. You can then use this information to find the best funding options.

Self-funding or government support

The first option is to self-fund care, if government funding is not available. This is the case in approximately 50% of cases. After valuing your assets and savings, it will depend on whether they exceed the threshold value of £23,250 or your weekly income is larger than the weekly cost of the care you require.

If this is not the case, you’re eligible for government support. You’ll receive support directly from the local authority while contributing through avenues like tariff income and pensions. If the value of your assets lies below £14,250, you don’t need to pay tariffs. Some changes in this system – including asset valuation and capital limits – are set to be made in October 2023, when new funding plans will come into action.

Harnessing benefits

Finally, you may be entitled to a variety of different benefits which can help you fund care.

If you have reached the State Pension age, you can look into Attendance Allowance or Personal Independence Payment (PIP).

In addition to that, you may be eligible for carer’s allowance, universal credit, employment and support allowance, income support, pension credit, working tax credit, child tax credit, or jobseeker’s allowance.

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