Live-in care – cost considerations
Comparable costs to a care or nursing home
Live-in care costs are typically in line with a care home, and sometimes less. Costs in care homes can be much more if you need nursing care. With live-in care you have the added value of being able to keep your family home and the fee you pay for your care is purely for the quality support you receive and not the room and board of a residential home.
If you are a couple, live-in care really is a cost-effective option. In a care home you would be charged double for two bedrooms. With live-in care there is only a nominal cost if two people receive care at the same address.
Cost effective option for complex and specialist care
Live-in care is often cheaper than the total cost of domiciliary care for people living with complex medical or specialist conditions. When a person is receiving hourly care, provided by a domiciliary care provider it is likely that you will be charged extras for additional services to support the person’s medical and care needs on top of the cost of a carer visiting. These extras add up and can become costly over time. The total cost to provide hourly care to someone living with high or complex needs is likely to exceed the price of an inclusive live-in care service.
Advice for funding care
A SOLLA accredited financial adviser will be able to help you in all areas of later life financial matters, including retirement planning, care funding (both care homes and care in your own home), equity release and other property options, saving and investment planning, tax matters, and estate and wealth planning.
They will be able to give you advice about specific options available to you, give you recommendations based on your personal circumstances, and what products which best suit your needs. The information will be presented to you in a way that helps you make the best choices and decisions for you or for a family member.
The full testimonial reads:
“The Society of Later Life Advisers (SOLLA) helps people and their families in finding trusted accredited financial advisers who are experienced in working with and understanding financial needs in later life.
Go to our Find an Adviser page on our website where you can search for an adviser who is local and can ensure you have the peace of mind that you are making the right financial choices to secure your future.
Find out more: https://societyoflaterlifeadvisers.co.uk/“
You can be confident in the financial advice you will receive because all SOLLA members:
- Are specialists in advising older people on financial matters
- Have been awarded the Later Life Adviser Accreditation (LLAA) which is independently audited and endorsed by the Government Body, the Financial Skills Partnership (FSP)
- Follow a strict code of conduct
- How to fund long-term care is an important consideration when looking at home care options. Depending on your personal circumstances, there may be public funding or benefits available to you, or other finance options.
Talk to us about your care needs
To talk about your care needs, contact one of our friendly advisors. Calls from landlines are free.