The cost of care varies depending on the type and level of support you require. Home care, whether hourly or live-in, generally offers a more affordable option compared to residential care. It’s important to assess your needs to determine the right level of care, which will influence the overall cost. On average, home care costs can range from £25 to £45 per hour, while live-in care might cost between £1300 to £1,700 per week, depending on your needs.

Your first step should be to contact your local authority for a care needs assessment. If you qualify, the local authority may cover some or all of your care costs, depending on your financial situation. The assessment will consider your income, savings, and assets. Currently, if you have savings and assets below £23,250, you may be eligible for financial support. If your assets exceed this amount, you may need to contribute more towards your care costs.

If you do not qualify for local authority funding or prefer to arrange your care independently, you will need to pay for your care privately. This means paying for care services directly from your income, savings, or other financial resources. Many individuals use pensions, savings, or investments to cover the costs.

For many, their home is their most valuable asset. Releasing equity from your home can be a viable option to help fund care, particularly for those who wish to continue living at home. Equity release allows you to access some of the value tied up in your property without having to sell it.

Funding care is a significant decision, and it’s crucial to seek professional financial advice to explore all your options. An independent financial adviser (IFA) who specialises in care funding can help you understand the best ways to finance your care, considering your personal circumstances and the current regulations. We work closely with several advisors who would be more than welcome to provide you with independent advice