Funding long term care from private resources requires financial planning. We would recommend that you consult a financial advisor with specialist knowledge of care fee planning.
Information given is only a guide
Annuities
An annuity can be purchased to fund the cost of your care for the remainder of yor life. You pay a single lump sum to purchase the plan. The amount of the lump sum you will pay and the monthly care fee payment you receive will depend on your age, gender, medical history and current health.
Equity release
This option enables you or your loved one to use the value of your home to fund your care fees whilst remaining in your home and having no obligation to sell it. This way you can use the equity built up in your home to pay for your live-in care.
Asset test
In the UK if you have assets, excluding the value of your home, in excess of £23,250, you will bear the total cost of your care. If your assets are below £14,250 they are ignored in assessing your entitlement to funding.