Immediate Care Plans
By providing guaranteed payments direct to the care home or care provider for the rest of the time that the person covered by it needs care, not only does an immediate care plan remove the worry about what happens if savings run out, but such payments are tax free. This can make them very attractive as compared to making payments out of taxed income and savings.
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Pre-funded Care Plans
Although we are living longer, we are not necessarily living healthier and so larger numbers of people will find themselves needing care in the future. Although there is a limited range of products available, you don't have to wait until the problem arises as there are "pre-funded" insurance plans that payout in the event of need. Taken in advance of the need for care these plans workout very much less costly than immediate care plans where benefits are always paid immediately. They also avoid the need to tie up large asset values "just in case" the need for care arises.
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Re-arranging investments for income
Until the need for an increase in income to meet care fees arises, you are unlikely to be taking income that you do not need. Covering care fees "shortfall" often means a change to both the investment strategy and the assets in which savings are best invested. The
Fees Planning Service will help you by identifying the best way to re-arrange your investments and savings to meet your care fees objectives, without taking undue risks outside of your risk/reward profile.
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Releasing money tied up in the value of your home
For most people their home is their biggest asset and being forced to sell it to pay care fees is not an attractive proposition. Use of the above strategies may help to remove this threat, but the days of the restrictive old style "Home Income Plans" have long gone and, whilst they should not be entered into lightly, various responsible lenders now offer a range of equity release plans to enable the capital tied up in bricks and mortar to be released. Although regulated
so that the same level of financial protection as for other financial
products now applies, it is vitally important to understand the
disadvantages as well as the advantages of equity release type plans. For this reason expert advice from expert care fees planners should be sought before entering into any such arrangements.
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is here to help you with the many, varied, financial aspects of
care. But if your need relates to finding the best care,
either at home or in a care home, or you need advice about other
aspects of care, Grace Care who are independent care
advisers, may be able to help.
Click here for more
information about their services. |
We are only a phone call or e-mail
away.
52 Colegate
Norwich
Norfolk
NR3 1DD
Tel: 01603 762899
E-mail: advice08@futurecareassured.co.uk
/ http://www.futurecareassured.co.uk
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