Guide To The Care Fees Annuity To Fund Nursing Home Care Fees-yvette yates

Finance If you find out that you require care and have to find the best methods to pay for the care fees,then one important product you can consider is care fees annuity. A care fees annuity is a tax efficient way to pay for registered care, either in the home or in a nursing home. Care fees can be an enormous drain on the finances of those needing care and unless you take serious steps to ensure you have adequate funding then you can find yourself running short of funds to pay for the care. The care fees annuity if used correctly will help you manage your finances no matter how long the person requiring care lives for. There is a limited number of providers in the care fees annuity market and it makes sense to ensure that you obtain quotes from all the providers. An independent financial adviser can help you research the market and take the pressure off your time, especially while you have a loved one that may need constant attention. The care fees annuity is funded by a lump sum that can .e from your bank or building society account, or it may be an investment that you are en-cashing. Some people sell the family home to release funds to invest in the care fees annuity. There are even products available that allow you to retain the family home and release equity that funds the product. Equity release is a product that can also help to fund nursing home care fees and is available for those age 55 years old or older.There are two types of equity release that can be used to fund nursing home care fees, the first is an interest only equity release plan, where you pay the interest each month and the loan outstanding remains constant. The second product that can fund the care fees annuity is the roll up equity release plan, this plan as the name suggests is where interest rolls up because there are no monthly payments to be made on the scheme, interest is still being charged though and rolls up until the property is abandoned for care. If the benefits of the care fees annuity are being paid to a registered care provider then the payments can be made free of in.e tax. This is the same if the person is receiving care in their own home as long as the carer is a registered care provider. This is a very important feature of nursing home care fees annuities. About the Author: 相关的主题文章: