Costs and Funding

Costs and funding

The cost of live-in care

Making decisions about care, whether for yourself or for a loved one, is never easy. Whilst we all want to achieve the best possible outcome for ourselves and our families, cost will inevitably be a factor for most of us.

One-to-one live-in care  or residential care?

Whilst the cost of live-in care compares favourably with  nursing homes, care at home offers many advantages over residential care.

We offer top quality one-to-one care at an affordable price and we charge less than many good quality care homes. In particular, where we are providing care for a couple, our charges will work out considerably cheaper than a care home. Of course, cost is not the only consideration and many people will regard the better quality of life they enjoy through receiving full-time care in their own home as priceless.

Typical  cost of live-in care

Live-in Care for one person – starting from £700 per week

Live-in Care for a couple – starting from £900 per week

Meeting the cost of live-in care

There are several ways in which cost of Living-in care can be met:

 1. Paying for live-in care out of income, savings or investments

The typical cost for live-in care is around £3,000 a month, but a lot depends on what part of the country you live in. The average duration of care is 2.3 years, which suggests an average total “spend” of around £95,000. Meeting this from income and/or savings would be a strain for most families.

2. Paying for live-in care via a “lifetime mortgage”

A lifetime mortgage is a way of raising capital against the value of your home, without the need to make any payments, whether of interest or capital, for the duration of the loan. The amount which can be borrowed will depend on the value of your home. Some lenders will provide one large lump sum on completion of the loan, while others will allow borrowers to “draw down“ capital in a series of smaller amounts up to a given limit.

3. State Funding for live-in care

Financial help from local authorities towards the cost of elderly care is available only for non-medical needs, such as support with washing, dressing and eating. Entitlement to state support in England is based on two criteria - means and needs.

We always advise everyone to establish what State benefits they are entitled to. Read more on state benefits available

4. Free care provided by a family member

Live-in care can be provided at no direct cost, if the person needing the care goes to live with another family member, or if a family member moves in with them.

This solution may not involve any direct costs, but it is likely to have a significant impact on the caregiver’s own family life and possibly their career. It is one thing to give up a part-time job to become a full-time carer, but if the potential care-giver has a successful and well paid career, the financial implications of giving that up could be profound and long-lasting.

5. A combination of the above

Whilst the best way to pay for live-in care is likely to be out of income (particularly pension income, on the grounds that it ceases on death anyway), not many older people will be in receipt of pension income of over £3,000 a month. To meet the full cost of care, most people are likely to have to draw on their savings. Those with substantial savings and from long-living families may wish to consider capping the potential cost of care by taking out an enhanced annuity. Others may prefer to look into lifetime mortgages. Some may have children who are in a position to help out.


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