Options for Paying for Care
There are many ways of funding your stay in a care home. We aim to list the main ones below but the list is not exhaustive and should in no way be taken to be financial advice. Click the heading for each option form more details together with the advantages, disadvantages and risks.
Many of the options described will only be available through a specialist care fees independent financial adviser (IFA) such as our care planning service.
You should always take professional advice before using any of the options listed for funding long term care.
- money in bank or building society accounts
- money placed in assets that may increase in value
- Insurance policies that guarantee to pay a benefit for life in return for a lump sum premium
- Similar to ICP’s but with a waiting period before benefit is paid
Equity Release
- Also called Lifetime Mortgages these can be a way of funding your care without selling your home. It may be possible to buy an ICP using a Lifetime Mortgage which will allow you to retain the property and possibly rent it. Please complete our enquiry form for details.
Where would you like to go now?
Care Funding Service
State Benefits
Care Funding Checklist
Report on your Options for Funding Care
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We trust that you will find carefeesadvice.com useful and informative. We have made every effort to ensure that the information contained is clear, up to date and accurate. However, nothing on this site should be relied upon when making care or financial decisions, nor should anything on this site be regarded as financial advice. Our care fees planning service can provide you with specific help and specialist, care based, independent financial advice. By proceeding through this site you accept that carefeesadvice.com, the Care Fees Advice Agency and Financial Care Consultants Limited cannot be held responsible for any actions you take as a result of the information held on carefeesadvice.com. All information given relates to England. Whilst most of the principles remain the same, some benefits and benefit levels are different in Scotland, Wales and Northern Ireland. We are happy to provide details for these regions on request.
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