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.