CARE FEES PAYMENT PLANS
What is a Care Fees Payment Plan?
A Care Fees Payment Plan is an insurance policy that is similar to an annuity. In return for a premium an insurance company guarantees to pay a benefit, usually monthly, for the lifetime of the policyholder.
The benefit would normally be set to be the difference between your income and your care fees together with any other regular expenditure.
The insurer will ask for a report from your GP and your care provider and will individually underwrite your plan so that it reflects what the insurer believes to be your likely life expectancy.
Once you have paid the premium the money that remains is broadly protected as usually it will not need to be spent on care.
A Care Fees Payment Plan can be used to fund care in a care home or care in your own home.