Immediate Need Care

We offer expert advice for Long Term retirement home fees planning.

Immediate need care fee payment plans

If you need a regular income to pay for care at home or in a care home, an immediate need care fee payment plan, or immediate needs annuity as they are also known, could be the answer.
 

What are immediate need care fee payment plans?

Immediate need care fee plans, or immediate care plans, are a type of annuity contract. Simply speaking, an annuity is a type of insurance policy that provides a regular income in exchange for an upfront lump sum investment. In this case, it provides a guaranteed income for life to fund long-term care, also known as an immediate needs annuity.

Provided the income from the immediate care plan is paid directly to the care provider, it is tax free.

How much you pay will depend on: 

• The level of income you need
• Your age
• The state of your health (the poorer your health when you buy the product, the cheaper it will be)
• Your life expectancy (the shorter that is, the cheaper the plan will be)
  
  

If you are worried about the effect of inflation, you can build that into your care plan.

For an extra cost you can also put in a special clause – known as ‘capital protection’ – that allows your family to get some of the lump sum payment back in the event of your early death.
 

Immediate need care fee payment plans could be suitable for you if: 

• You are already in a care home, you are about to move into one, or you are receiving care at home.
• You want the peace of mind of knowing that you have a regular income for life that can be used towards your care costs, whatever happens.
• You have money available to invest.
• You want to cap the cost of your care, potentially safeguarding your remaining capital.

Contact  Ed Randall for further details on 01642659500

or email ed@ayton-law.co.uk