Where to start
- Firstly you should check what’s available from your local authority, to ensure you don’t lose out on means-tested state benefits.
- If you have valuable savings or assets (such as a home) that you don’t want to lose, long-term-care insurance may be worth considering.
- Long-term-care insurance may also help you choose better quality care than your local authority would help pay for.
Your care funding options
If you can’t get enough funding from your local authority and you haven’t sufficient cash savings to pay for care, you may want to consider the following options
Care Fee Annuity
For a single lump-sum payment a Care Fee Annuity can pay an agreed amount towards your care fees each month. It can offer peace of mind as it helps to limit the amount of capital that you need to set aside to fund your care – helping to protect your remaining capital. You can also plan for rises in care fees by opting for an index-linked Care Fee Annuity, which can help to keep up with increases in care fees. However it does increase the cost of the annuity.
Care Fee Annuities do differ considerably in cost from one annuity provider to another, as they consider factors such as age and state of health plus the amount of income you need to generate
Investing For Income
An advantage of investing for income is that you can retain ownership of all of your capital and pay your care fees from your existing assets. If you choose to invest your capital to generate an income to pay for care, your investment portfolio we can help plan your portfolio to give you the best chance of realising the returns needed to generate the level of income that you require, without exposing the investment to undue volatility or risk.
Whatever your situation may be, it helps to talk to someone who understands and can offer you not only appropriate advice, but also a sympathetic ear.