You can use any lump sum you have available to buy a long term care plan from a specialist provider. The company which provides the plan in turn offers to pay out money to help fund your care fees for as long as it is needed.
If you need to go into care now or in the near future, you may wish to consider an Immediate Needs Annuity. With this type of care funding annuity, payments from the plan to you or your care provider start immediately and continue for the rest of your life. In the event of death early into the care plan, the income payments you receive may be less than you invested. The level of payment from the plan depends on a number of factors such as life expectancy and the level of interest rates in the economy.
A care plan will guarantee a specific level of income to help pay for care fees for the rest of the individual’s life. The cost will depend on: