Care Plans For The Elderly
Care plans for the elderly: What's available?
Currently only immediate need care plans are available for the elderly. Immediate need care plans are a type of long term care insurance product, also known as a long term care annuity.
When you take out an immediate need care plan you pay an upfront fee in return for a regular income toward you care fees, whether those care fees are for care in your own home, or if you move into a care home.
One of the benefits of an immediate need care plan is that if the income that you receive is paid directly to a registered care provider you are likely to enjoy tax exemption benefits on that payment.
Previously you could also purchase pre-funded care plans but these are no longer available on the market.
Alternatives to care plans for the elderly:
There may be other options available in paying for elderly care, such as drawing down an income from investing for long term care.
For impartial advice on care plans for the elderly, or to discuss alternative options speak to a member of an independent long term care planning advice team and receive a free no obligation consultation.
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