Your Choices of Long Term Care Funding!

You might have the amount of money to invest in long term care but there are other reasons why you would want the long term care. One of the reasons is because you do not eligible for local authority funding. Often you would want your care fees to be limited so that it does not eat up most of your capital. Also you want the best outcome and care, which is why you would want to pay a little more for a better result.

The ways in which you can fund your long term care are mentioned below:

• Immediate care fee payment plan – If you want to get care right away, all you need to do is invest in the huge lump sum in return for a guaranteed income for a lifetime. It might sound interesting and easy, but take care of the pros and cons before deciding on the end result.

• Investments – If you are running short of money and want to avail the benefits of long term care, use your investments bonds to take care of your care needs. The major downfall of choosing this option is that it holds your investment for a long period of time and might not come across up to the cost of your care.

• Downsizing – A major and a common way to pay for care fees is selling off bigger houses for a small one. Elderly people often give up on the pleasures of life such as the luxury of staying in a big house. This can be a way in which you can pay for your care needs.

• Equity discharge –A part of your house income helps you avail the long term care while you stay in the house. The money has to be reimbursed later on when the house is sold. Do not go for this option unless it is the last one left in your hand.

• Deferred payment – A way in which you can save your house from selling is by choosing the deferred payment and coming into an agreement. The local authority would deduct the amount of fees once the house is sold.

Funding you long term care can be possible if you rent your home and earn money in return or if you have cash in shares and savings. Certain insurance policies cover such costs. So look into that!

If you want to go for long term care annuities, be clear of what you are about to do. Taking this decision is a huge step and you would want to discuss and seek advice for a better option to choose.

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Immediate Annuity Care Fee Payment Plans – The Desired Care Fee Plan for You!

If you are looking for an answer to resolve your payment issues of care home, an immediate plan or annuity is what you require. Immediate annuity can be termed as a type of contract or an insurance policy that helps in long term care.

Instead of a regular income provided to the family in exchange of a huge amount of investment, it assures the family with an income. This income helps in funding their long term care and fulfils all their requirements. This can be termed as immediate annuity or immediate fee payment plan.

The immediate fee payment plan balances the cost of your care fees according to your income. You would need to decide on the amount you want to invest and also for how long. One major benefit of the immediate payment care plan is that it is income tax free. You might wonder how to choose your plan, but there are few basic points based on which you can decide your plan – your income level, state of health, age, life expectancy and also your annuity rates.

Why You Need Immediate Care Fee Payment Plans?

• If you are under care at home or in a care home, you would want to avail this plan

• You think you have the required amount of money to be invested for a better future

• You want to be rest assured of your income for lifetime that will help you gather all the care you need

• You want to account your care cost separately from your capital cost to leave them for your next generations to lead a happy life

Why Immediate Fee Payment Plan is Just Not for You?

• You might find it unnecessary to pay for care immediately.

• You might not need the care forever and maybe it is temporary.

• You may not want to invest money in care fee and would like to receive it back in the future.

• You might opt for NHS Care Funding and there might be a possibility of you getting it.

The Risks Involved in the Immediate Fee Payment Plans

Once you have decided and paid for the immediate fee payment care plan, there is no chance at all of getting your money back or cancelling it. Often people stop requiring care but once the payment is made, you cannot go back. Reclaiming the wholesome money if you die early is not possible unless you made a certain kind of a provision.

Though immediate plan provides several benefits, you need to be sure of the amount you are investing so that it doesn’t incur a loss if there is a chance your short term living. To be sure of what you are doing, get care fees advice from some consultancy. Think and decide wisely before coming to a conclusion!

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