There are a number of options available for paying for care. To arrange a free initial discussion at your home, workplace or our offices contact us today.
You may receive sufficient income from pensions and existing investments or rental income from your home to pay for your care.
In some cases your family will be able to help cover the cost for you.
This includes deposit accounts, Cash ISA’s and National Savings. Low risk and as a result you will have to hope the interest generated is sufficient and your capital does not get eroded too quickly.
There are many possibilities for investing your money from investment bonds to equity funds. It’s worth remembering that potentially the most profitable could also be the most volatile – the value of any capital invested may go down as well as up. With equity based investment the investment time horizon is crucial to help minimise the potential for downside risk.
Long Term Care Plans
These are specialist insurance plans that in return for a one off capital lump sum payment on a pre-agreed basis based on your age health and lifestyle. If the income is paid directly to a Quality Care Commission registered care provider, it’s paid free of tax.
Two long term insurance products are:
The main benefit of a Long Term Care Plan is that is can provide you with peace of mind and reassurance or continued payments for life. This certainty must be balanced against the risk of premature death and the person in care dies early, the capital used to purchase the annuity may not be returned in part or at all.