Solutions

Immediate Lifetime Care plan

Appropriate where the individual is already suffering from physical or mental disability, and either already receiving or about to receive 'paid-for' care.

This plan aims to pay part or all of the costs of an individual's care during their remaining lifetime and if paid diret to the care provider the annuity income is TAX FREE.

calculate your shotfall in funding

Prefunded Care plan

If you’re looking for peace of mind that, should you need care in the future, you will have a regular income to help cover the cost of care fees.

A prefunded care insurance policy can offer multiple levels of cover that pays out a monthly benefit when the policyholder meets the appropriate claim criteria, which is determined by the level of cover chosen.

Deferred Care Plan

A Deferred Care Plan could be most suitable for clients who require care on an indefinite basis and are able to fund care for the short term but need some security against care costs for the remainder of their life. For a single, lump sum payment you can take out a care plan now and defer your income payments for up to five years. The advantage of this is that it reduces your premium without compromising the amount of income your care plan will eventually pay.

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how do i fund the cost of care?

bank notes and coins

Paying for care is a subject few people have any expertise or knowledge of; it is a specialist and Complex area and many more families are facing this challenge every year.

One of the problems for the current generation of elderly people is that they were brought up believing that the State would look after them 'from cradle to grave.' This is not the case though, and as far as long term care costs are concerned, in general the State only pays for the least wealthy. The size of the contribution depends on the assessment of your wealth by a means test.

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Example of how a care fee plan works:

Grace had a stroke last year which lead to her needing to move into a Nursing home;

Grace has £7,500 net income a year and therefore needed Financial Advice on how to provide the Cost of Care;

The Nursing home of her choice costs £28,000 per year, Grace needs an extra £22,500 per year to fund the shortfall in Care Fees;

Grace only had £100,000 from the sale of her property;

The money for Life Care would have run out in four / five years if Grace did nothing;

Grace bought an Immediate Lifetime Care Plan for £68,877 which guaranteed to pay the shortfall of £22,500 via an annuity direct to the nursing home TAX FREE;

Grace was happy as she had the security of knowing that her fees are always going to be paid and she won't have to face the trauma of having to change home due to lack of funds;

Grace was also happy that she could leave a legacy to her family and that not all her funds would be depleted to fund her care costs.

Contact Kent care Fees to see if a care fees plan is the right solution for you, the initial meeting is free of charge and without obligation. contact us now.