Care fees annuities offer a number of advantages:
- They help prevent depletion of capital.
- Ensures continuity of care of the elderly at care home. Prevents having to move care homes because your loved one can no longer afford the current home.
- Prevents family members having to make good any deficit in care fees.
- The benefits are guaranteed to be paid for a lifetime.
- Benefits are paid directly to the care home and are therefore tax free – creating no income tax liability for the person needing care and also leads to cheaper premiums.
- Optional increase of benefits are available to allow for rising care fees costs.
- Purchasing these type of annuities helps cap the cost of care. While the initial purchase cost will reduce immediate capital it should help protect the remaining estate and enable you to invest the rest, safe in the knowledge that the annuity should be guaranteed.
- The benefits relate to the individual and are portable. So if a change of nursing home is required the benefits will simply be paid to the new nursing home.
- For those with estate in excess of the applicable Inheritance Tax liability, premiums paid will reduce any Inheritance Tax due on death, effectively making the premium have better value.
Please use our contact page to get in touch or call the number at the top of the page to discuss your paying for care fees annuities.