An Immediate Care Plan (ICP) can be purchased where an elderly person is already in residential care, or is about to be admitted.

The money generated from the plan is paid directly to the care provider for the life of the individual gross (based on current legislation).

  • ICPs can be purchased when you are already in either residential or nursing care, or you are soon to move to your new care home.
  • In return for a lump sum, the money generated from the plan is used to pay for the care fees indefinitely, no matter how many years you live.
  • It is possible to protect your investment in the event of a premature death.

How it Works

Typically you'll pay a single lump-sum in exchange for a regular income. This income is then used to cover some or all of the long-term care costs during the life of the individual.

It's sometimes possible to have other options depending on the circumstances and assets where the immediate needs annuity can be deferred.

Additional features can also be included in the plan, such as escalation rates and capital protection. Escalation, when attached to this type of plan, means the income paid to the care home rises by a fixed percentage each year. This protects the income against inflation.

There may also be occasions in the planning process where both investments and immediate care plans can be used alongside each other.

Our experience has found that providing an under pin of income can be an effective planning tool. The remaining investments can supplement the income from other sources.

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