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Immediate Care Plans

Immediate Care Plans are designed for those already in need of, or receiving, Long Term Care and looking for a solution to Long Term Care Fees. For those looking for a plan to pay potential future care fees, then a Pre-Funded Care Fee Plan may have been suitable, but these no longer exist.

In essence an Immediate Care Plan is an impaired life annuity, but with special tax concessions. As the payments are made directly to the care provider, they are paid free of tax.

You can't just get a rate from an insurer or broker as plans are individually rated on the applicant's details of age, health etc.

At their simplest, the companies providing Immediate Care Annuities will assess the future life-span of the applicant and quote a premium, payable as a lump sum. This will guarantee to pay a set fee directly to the home, free of tax, for as long as the applicant lives. Benefits can be level or index linked. You can select certain guarantees so that, should your relative die soon after taking out the plan, all the capital isn’t lost.

It is possible that Immediate Care Plans have a place in helping fund your care fee needs, but they are not the complete answer and must be considered together with other solutions, as described in our service page.

There are no guidance rates for immediate care plans as each case is assessed on medical underwriting, although an actual medical examination is not required.

The example on the case study page is based on a real case, but is for illustration purposes only. The name of the person in care has been changed.

Care Fees Help is a trading style of Asset Investment Management Ltd, Drayton Old Lodge, Drayton, Norwich, Norfolk, NR8 6AN
Independent Financial Advisers

Tel 01603 869988

Authorised and Regulated by the Financial Services Authority No 462797. Registered in England and Wales
company registration number 5880144.

Tax advice is not regulated by the Financial Services Authority