Later Life Advice in Scotland

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We help guide you through the complexities and plan for the future, whether it be saving tax, providing a lifetime income or how to manage your care costs or those of a relative. 
Home      Care Fees Annuity
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Why consider care fees or long term care annuities?

Approximately one in three people will need long term care residential care at some stage in their lives and the costs can be high: According to A-Z Care homes Guide, average weekly fees for residential care in the UK was £369p.w. during 2009 increasing to £469 p.w. for nursing care. It also comes with the uncertainty of not knowing how long care will be required.


If you simply try an meet cost out of savings, rather than a product such as a long term care fees annuity, there is a real possibility of money being seriously eroded or even a change in care required particularly if the person needing care lives longer than expected.


To help overcome this insurers have developed Immediate Need Care

Annuities (also referred to as Long Term Care Annuities).


What are Care Fees Annuities?

In return for giving a specialist long term care Insurer a single premium, an immediate care fees annuity (sometimes referred to as Immediate Needs Annuity) guarantees that the insurance company will continue to pay the insured income directly to any registered care provider tax free for the rest of the persons life, giving you more certainty that their care can continue unaffected no matter how long this turns out to be and that money will not run out. To keep costs to a minimum we would normally recommend that you obtain quotes only for the between care fees and the persons ongoing income.


Who can have a care annuity?

Care Fees Annuities or Immediate Needs Annuities are only available to people over 50 who need care immediately, whether that’s care in a care home or in their own home.



How much does a Care Fees Annuity cost?


A Care Fees Annuity is individually priced, based on age, health, Sex and the income you need it to provide. To find out how much one would cost, click here provide us with some background information and we will send you a confidential medical questionnaire for you to complete and return to us, when we will obtain the best quotes for you.


How tax-efficient are care annuities?

Providing the benefits are paid directly to a registered care provider, they are tax free. This means the income produced doesn’t increase the persons income tax liability and that it costs less to buy a care fees annuity than it would an ordinary annuity, providing the same benefits.



Escalation – To help keep pace with increases in care fees, you can request that quotes be obtained to allow for the benefits to increase each year either by a set % per annum or by inflation.


Capital Protection – To overcome the possibility that death could occur shortly after paying the premium, for an additional cost you can protect that up to 75% of the premium paid, minus benefits received by time of death, are returned to the estate.
Watt Financial Solutions
 Independent Financial Advisers
 Suite F, 30 Newmarket Street
 FK1 1JQ
Tel: 01324 888824
Meeting Office also at Charing Cross, Glasgow.

For Investment Planning we make recommendations based upon the Whole of Market.

The levels, bases and reliefs of taxation are subject to change.

The guidance provided within this website is subject to the UK regulatory regime and is, therefore, primarily targeted at consumers based in the UK. This site does not confer any form of personalised financial advice, should you wish to receive specific financial advice please contact us. 

Watt Financial Solutions is an
appointed representative of TenetConnect Services Ltd,
which is authorised and regulated by the Financial Services Authority. 
TenetConnect Services Ltd is entered on the FSA register under reference 150643.