Allowance and Support
Fostering Allowance, Fees & Pay With WellCare
How much do you get paid to foster? All you need to know about foster care pay
“How much do foster carers get paid?” is one of the most frequently asked questions at wellcare. As a foster carer in the United Kingdom, you will have a significant impact on the lives of children, assisting them in improving their self-esteem, making healthier decisions, and ensuring that they have a secure and happier future.
We recognise that looking after a child or young person has financial implications which is why as a foster carer you are paid a weekly fostering allowance which is made up of a professional fee for yourself and also a day to day living allowance for the child.
How much do foster parents get paid?
The amount of money foster carers are paid every week is determined by a variety of factors. Wellcare pays competitive allowence for each child living in your home. Since our carers typically sponsor one to two children per week, the real average weekly foster care allowance with Wellcare is in excess of £460. This is higher than the national minimums.
This includes both the professional fee paid to you as a foster carer and the child’s living allowance. This is the money to be spent on caring for a child placed with you.
- Payments are hassle-free: they’re paid electronically, directly into your bank account!
- Fostering can be a challenging, full time role, so we continually look at different ways of supporting foster carers, including ensuring they are able to take short breaks.
- On top of foster care allowance paid for caring for a foster child, you’ll also have opportunities to earn more through becoming a Carer Recruitment Ambassador.
- Should you have the room, you are more likely to have the opportunity to look after multiple children or young people simultaneously with Wellcare than you are with the local authority. Learn more about the differences between fostering agencies and local authorities
- If you foster, you’ll be eligible for National Insurance credits, which counts towards your State Pension.
“How much do foster carers get paid?” is one of the most frequently asked questions at wellcare. As a foster carer in the United Kingdom, you will have a significant impact on the lives of children, assisting them in improving their self-esteem, making healthier decisions, and ensuring that they have a secure and happier future.
The daily living allowance for foster children cared for in your home varies depending on the child's age and needs. Food, clothes, toiletries, pocket money, and all other costs incurred, including pocket money and savings, are usually covered. As a minimum, the government recommends £150 per week to cover day-to-day expenses.
Many people wonder whether they can foster and work full-time, but this is always impossible, so keep that in mind when planning your finances.
Is Fostering Allowance Taxable?
There’s a fixed tax exemption of up to £10,000 per year which is shared equally among any foster carers in the same household. It means that you don’t have to pay tax on the first £10,000 income you make from fostering. On top of the £10,000 you will also get tax relief for every week (or part week) that a child is in your care; which means you don’t have to pay tax on some of your earnings over £10,000.
