If you are funding your Home Care yourself, there are various ways you can do this. For the latest up-to-date information, please check government websites.

Here is a general overview to self-fund the care needed:

Personal income, savings, and/or investments:

• If you have sufficient income, and/or savings or investments, this is an option that may suit you and your family.

  Equity release

• Increasingly, and more accurately known as ‘Lifetime Mortgages’. This is where major insurance companies, including Aviva and Legal & General lend cash, which can be used for any purpose, including the funding of 24/7 live-in care, secured against the value of your home.

  Annuity

  You could purchase an annuity, which is a form of insurance policy based on an actuarial calculation of your life expectancy that provides a consistent income in exchange for an upfront lump sum investment. When they are used for long-term live-in care, they provide a fixed income for life to fund care costs. A key point with annuities is to select the right product so that you are likely, at the very least, to get back in income the capital used to buy the annuity in the first place.

  Legal considerations

  In conjunction with sourcing advice about funding care, a person needing care who is considered to have the mental capacity should have all of the legal aspects of their affairs in order, an example of this could be a Lasting Power of Attorney (LPA) in place with trusted members of your family, and an up-to-date Will so that all of their future wishes about their care and finances are documented and carried out with the necessary advanced planning.

  If you are planning to finance your situation, please take a look at these additional sources of information that may help and offer some additional guidance:

  UK Government:https://www.gov.uk/government/publications/care-and-support-whats-changing/care-and-support-whats-changing

  https://www.gov.uk/browse/benefits/disability

  Age UK – Paying for Care:https://www.ageuk.org.uk/information-advice/care/paying-for-care/

  The Money Advice Service – Paying for Care:https://www.moneyadviceservice.org.uk/en/categories/paying-for-care

  Society of Later Life Advisers:https://societyoflaterlifeadvisers.co.uk

  Which? – Financing Care:https://www.which.co.uk/later-life-care/financing-care

  Responsible Equity Release:https://www.responsibleequityrelease.co.uk