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Immediate
care payments
Paying a sufficient single premium at the start of a long-term care
plan will enable you to have your long-term care services paid for immediately.
The minimum single premium usually starts from £5,000.
Typically, such plans guarantee payments for the rest of your life.
They are a special type of annuity, and the product provider will need
to assess your health before commencement.
If the insurer pays the long-term care provider direct under an arrangement
it has made, then payments will be tax-free. Prior to commencing your
plan, you can choose to have increases applied to your payments.
The
Financial Services Authority does not regulate some forms of long-term
care.
Article date January 2004
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