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Financing home care for your loved ones

Financing home care for your loved ones
If the time has arrived to arrange home care for your loved one, a worrying aspect of that may arise in how to finance it.
The average annual cost of caring for someone with dementia is approximately £32,250 and that kind of money is hard to come by. Whether you need to pay for Live-In Care or Domiciliary/Home Care, the cost of any package is going to be quite substantial. Each care package is different, tailored to the unique needs of an individual, so the cost of such is going to vary greatly. Although it feels challenging to almost belittle emotional situations down to discussions about budgets, it’s a necessary evil. In order to provide the support and care that your loved one needs, the conversation about cost has to happen eventually. With some research and a good understanding of the options available, you can find a solution that works best for everyone involved.

Assess the needs of your loved one

The first step in arranging care for your loved one is to fully understand their needs. You can do this by applying for a needs assessment from your local government social service. These assessments are free with the consent of the one receiving care. A specialist makes an appointment to visit the home and the individual and will be able to gain an insight into the both the practical and emotional needs of your loved one. By being thorough, upfront, and honest, the assessor can develop a good, rounded perspective of the situation. They can suggest a care plan that will give the individual the independence to remain at home as well as the assistance to do so safely. This will result in a great deal less pressure on you as the care provider and you will have the peace of mind in knowing your loved one is being looking after. Once a care plan has been organised, you can have a better understanding of what the cost of the care will be, after both the needed support and personal circumstances have been considered.

How to pay the bills

So, once you have the financial figure, how can you fund it? There are several options available for funding the necessary monetary support needed to provide car.
  1. Funding from the local authority. In England, if your capital is below £23,250 you can qualify to get some financial support from your local government to cover care costs. If your capital is below £14,250 you are entitled to the maximum level of support.
  2. Self-funding. If governmental support is not an option for you, you may be required to fund the care for yourself. However even if you do fall in the bracket of those who pay for their own care, there are other forms of financial assistance that you can apply for to help to contribute towards the costs.
  3. Long term care insurance. Insurance providers are beginning to offer more long-term care insurance policies to help you pay towards care costs you may have to face in the future. This kind of insurance typically covers the costs of basic assistance, such as help with getting in and out of bed or taking care of personal hygiene. Additionally, if you begin to suffer with the diseases of things like Parkinsons or dementia, the insurance will also pay for the expenses incurred in caring for these.
  4. Home rental income. If you need to move into a care home, you can rent out your home in the meantime which will help to cover the costs of your care.
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