Those who are looking for the opportunity to cap the amount they have to spend on care costs do still have the option to buy a care fees payment plan (sometimes called a care annuity).
If affordable, this type of plan secures a guaranteed income for life and means that the balance of the estate is protected against future, ongoing care costs.
There are two versions of the plan – one that you buy with a lump sum, up front payment which starts paying an income straight away (immediate plan) and one that you buy with a much smaller lump sum, up front, but the income starts paying at a pre-defined future date, usually after the second or third year of being in care (deferred plan). In the event of longevity, both options have cost broadly the same but in the event of early death the lump sum lost to the Insurance Company is smaller.
Eldercare’s advisers are qualified, experienced specialists who can explain more about this option and tell you whether it is likely to be worth consideration for you or a relative’s specific situation.