If you’ve seen your parents or other elders through the final phase of their lives, there are probably certain approaches or even mistakes you would not want repeated for yourself or your partner. This is where serious thought about your future health and lifestyle needs is essential today, not tomorrow or whenever. At >Holborn Assets we can help get you set up with the following:
Immediate Needs Annuities
With an Immediate Need Annuities (INA) you pay out a fixed sum and your provider commits to paying a regular tax-free sum to your Care Home provider for the rest of your life. Inflation is factored in, and if you happen come out of the Care Home, you will be reimbursed, but it will be taxable as income.
If you are a UK citizen you may be eligible for ‘Continuing Care’ where your fees for care at home, in a Care Home or in a Hospice will be covered. Holborn Assets, This funding option is not widely publicised so you would do well to approach a financial adviser before making any decisions.
Funding from your own Home
If with advancing age you start running out of funds for your own care, there are options for using your home as equity. These include downsizing, home reversal and lifetime mortgage. Talk to us about which of these may work for you.
Impaired Life Annuities
Holborn Assets, An Impaired Life Annuity could be the perfect tool for you to fund your long term care. Purchased at the same time your pension payouts begin, it assures you a fixed income over a set period. It is worth noting that you may benefit from an “enhancement” (more favourable rate of return) if you suffer from a medical condition that has impaired your life. This could well mean that you qualify, so why not talk to us so that we can investigate your options.
Care Home vs. Home Care
The choice here depends very much on your individual situation – financial status, medical conditions and state of mind. While most of us would probably like to remain in our own homes, the choice between Home Care and a Care home will vary on the amount of attention you need and the cost of getting that support. At Holborn Assets, We are happy to investigate the option that will work best for you.