Is there an insurance for residential care

Ladywriter1968

You see how people have to give up their homes to pay for their care if they end up in residential care homes, and people with no assets where they take it out of their pensions and the LA pay the other half for this, but I just had a thought, there are so many insurances, car, life, even insurance in showbiz, I wondered if there is a careplan insurance, where say you can pay so much per month so that when your time comes you can either claim it as a lump sum if you remain at home to pay for your care, or if you go into a care home the insurance covers the costs of that? I just wondered really? Since their seems to be insurance for most other things?

huckster

Hi

Just do a google for residential care Insurance. There are a number of good articles and Insurers sites explaining what is available,

This is a link to ABI article

http://www.abi.org.uk/Information/Consumers/Health_and_Protection/Longterm_Care_Insurance.aspx

dunstonh

Be wary that the odds of actually need long term care is only something in the single digits. Statistically, its unlikely. However, it concerns people more than it should.

That said, there are some simple ways to avoid it. Use a discretionary will trust for the property. Investment bonds for the investments etc.