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Costs of live-in care

Most people would rather stay in their own home, supported by a live-in carer, than have to move into a care home.

How much does live-in care cost?

The cost of live-in care depends on the level of care required. We understand that you may not be in a position to pay for care privately, but funding may be available from the NHS or you local authority to meet all or some of the cost. 
 
We offer differing levels of care, as outlined below, based on a care assessment of your individual needs.

Companionship care

Companionship care costs from £795 per week. It is suitable for people looking primarily for companionship, but can also include assistance, where required, with smaller aspects of care and day to day living.

Personal care 

Personal care costs from £875 per week. It is suitable for people who need slightly more help, such as catheter care, or those who may have a specific care need such as Parkinson’s, reduced mobility or dementia.

Complex care

Complex care costs from £975 per week. It is suited to people needing high levels of care to help with severe stages of neurological disorders or physical incapacity. People may require hoisting or may display some challenging behaviours.

Care for couples

Our live-in care for couples service can support couples in their own homes from £1050 per week. This prevents any need for partners to be separated, enabling them to remain together in their home and continue to enjoy their daily lives whilst receiving the level of care they need.

Respite care

Our respite live-in care service, costing from £995 per week, enables carers (who may be family) to take a short break from caring. Lasting from seven days to several weeks, it facilitates minimum disruption to important routines and lifestyle.

Specialist care

Agincare’s excellent reputation for providing high quality and person-centred live-in care is achieved through not having a ‘one size fits all’ approach to our service provision. Our ethos is to provide a holistic service, which enables you to maintain full control and choice with your care so it fits around your chosen lifestyle and preferences.
 

Paying for care costs 

There are various ways to meet the costs of live-in care and funding may be available:

Savings and investments 

You may have sufficient savings or receive enough income from pensions and investments to pay for your care. You may also wish speak to a financial advisor to discuss if they could improve the income you receive from your savings and investments to help pay more of the costs.

Immediate Needs Annuities

These are insurance plans exclusively for individuals who are at the point where care is needed, whether this care is being provided in the client’s own home, or in a registered nursing or care home. 
 
A lump sum is used to purchase a guaranteed level of income, payable for the remainder of the individual’s lifetime. This income is referred to as an annuity. 
 
The cost of the annuity is determined for each person individually following an assessment of their health. This assessment will include any medical conditions and whether or not they have difficulty with tasks such as dressing themselves or climbing stairs. For this reason, annuities tend only to be suitable for individuals who, following assessment, are thought to have some degree of reduced life expectancy.
 
The monthly income from the annuity is paid directly to the care provider, and so is not considered part of the client’s personal income, which means that the payment is completely tax free. 
 
One of the main benefits of buying an Immediate Needs Annuity is that it will provide a guaranteed level of income for the client’s life, irrespective of how long they live. This means that even if they live longer than expected the income will continue. On the other hand, if death occurs earlier than expected then the overall cost may have been higher than had the care been paid for directly. However, for many families, this risk is outweighed by the advantages of certainty and peace of mind that the rest of the estate is protected from the impact of care fees. This is a matter of individual choice.
 

Equity Release - Lifetime Mortgages and Home Reversion Plans

Equity Release can either be through a lifetime mortgage or a home reversion plan. 

Lifetime Mortgages

These are special types of loans, usually designed to run for the rest of your life. You borrow money secured against the value of your home to give you a lump sum now or a regular income; you do not make mortgage repayments to the lender. The loan and accrued interest is repaid to the lender when you die or you move into a residential care home. You continue to own your own home. 

Home Reversion Plans

These schemes involve the sale of all or part of your home to a reversion company in return for a cash sum or regular income and the right to live rent-free in your home for the rest of your life. After you die, the house is sold and the value of the proportion of your home that you have sold is paid to the reversion company. 

Financial advice disclaimer

The information above summarises how live-in care is often financed. Agincare live-in care services are not authorised to provide investment or other financial advice and nothing on this page should be construed as such. We recommend you obtain independent financial advice from an adviser registered with the Financial Services Authority.

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