My mother requires care but insists on receiving her care at home. Can an immediate needs annuity be used to pay for her care received at home?
Yes. An Immediate Needs Annuity is not only for care in a care home, it can just as well be used to pay for care at home.
Providing it is paid to a registered care agency the benefits will also be paid tax free just as it would if you were paying for her care in a care home.
We are also pleased to say such annuities are portable or transferable. So should your mother need to move into a care home, it will move with her. All you need to do is to notify the annuity provider of the address of the new care home and they will simply pay the benefits to them instead.
One thing that does need to be remembered though is the fees in a care home may be more expensive . If this is the case you may want to consider arranging a further “top up annuity” at the time to pay the difference.
So we hope this answers your query and we would be pleased to obtain Free No Obligation quotes for you if you simply complete our online quote request form.