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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