Here are two other methods to help pay for your care:

• Immediate needs annuity - A type of insurance policy that will provide a regular income in exchange for an upfront lump sum investment. We recommend seeking advice from an FCA-approved financial advisor if you are considering a care annuity. Immediate needs annuities are good if you immediately need the care and need regular income that can be used towards your care for the rest of your life. Immediate needs annuities are not so good if you don't have a large lump sum of money which you will likely need and you don't need care immediately and only temporarily.

• Deferred payment agreements - When you can use the value of your home to pay for care home payments. The council will then reclaim the costs of care that have already been paid for once you sell your home or you have passed away. You can only access deferred payment agreements if without your property, your capital is below the £23,250 threshold. It means you won't have to sell your home in your lifetime to pay for care costs.

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