Funding care

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Can I ask how you fund care for your parents? Are you just using their savings/capital and hoping for the best or have you specific investments in place to cover it?

I ask as I'm considering buying an annuity for my mum's ongoing care and wondered what other people have done.

Thanks in advance.

...think you need to consider lots of factors before deciding on buying an annuity and hindsight is always a wonderful thing.

When my mother looked like she first needed to go into a home were we quoted around the £100,000 mark - but decided that (based on both her medical condition and reports on average length of "stay" in Nursing Home) that she was probably too ill to survive more than a year or two. We declined the offer and now just about 7 years down the line she has spent over £350,000.00+ on care and has run out of money...

If you are considering purchasing this a long time in advance of any potential care home fees it may be a lot cheaper..

Have you had a look on the MoneySavingExpert website they seem to have a lot of information on lot of different financial schemes on there - if not - you can always pose the question as it is quite a well informed site.

Thanks.

Can I ask how you're funding care now the money's run out as this is exactly the situation I want to avoid. The annuity is around the same value as you were quoted so it's just about affordable as she still owns a property.

Great idea to look at that website by the way.

Please send me a PM would be happy to discuss privately rather than on a public forum....

Thanks will do

No-one else funding care?

Social services will assist with funding once savings have dropped below £23,000.

That's the big problem though.

Why?

My mother is 'self funding' from her pensions and savings at the moment (she doesn't own any property). Fees are currently £850 per week and we estimate she will drop below the first threshold around November, at that point a financial assessment will be done and the local authority will pay part of the fees. Once she drops below the next threshold they will pay all of the fees apart from contributions from her pension. I believe the home charge the local authority around £400 per week!

snozzle Because social services will only fund up to around £450 which leaves a shortfall of £300 a week.