Care Home Insurance
Care home insurance is a type of long term care insurance, used to provide an income towards you care home fees.
Depending on the value of your assets, you may have to contribute towards or pay for all of your care home needs. Care home insurance is one way of doing this.
With this type of insurance, in return for a initial premium you receive a regular income for the rest of your life in care. Care home insurance can be expensive so you should consider carefully whether it is the right option for you. You may wish to speak to a long term care planning advisor to talk through options available to you.
Although it was once possible to purchase pre-funded care home insurance products, care home insurance is now only available for those who require care immediately. You will only be eligible for care home insurance if you already have difficulty and need help with at least 2-3 activities of daily living.
Care home insurance can have tax benefits. If the regular income that you receive your a care home insurance provider is paid directly to a registered care home provider it is likely to be free from taxation.
To find out whether a care home insurance plan may be right for your needs, and for help finding a care home payment plan to suit you needs speak to a member of an independent long term care planning advice team. Receive your first consultation free.
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