Typical care home costs

fredsnail

Thanks Errata it's appalling how easy it is for people take advantage of the vulnerable.

dzug1

The LPA forms can be downloaded for free from the OPG website - you don't need to buy them from anyone. Plus loads of guidance documents.

Errata

fredsnail wrote: »

Thanks Errata it's appalling how easy it is for people take advantage of the vulnerable.

Yes it is, which is why POA has now been tightened up considerably and much emphasis is placed on the Certificate Provider.

lumar

We've recently sold MIL's house to pay for her care home fees. Does anyone out there have any suggestions on where to stick this money to generate some income to help pay for the fees? We've looked into buying an annuity but family disagreed about this, so it looks as though it'll be put into simple savings accounts (we do have POA). We're talking about £85k. Any advice greatly appreciated.

margaretclare

If you search for 'immediate care needs annuity' you'll find lots of information.

Biggles

lumar wrote: »

We've looked into buying an annuity but family disagreed about this, so it looks as though it'll be put into simple savings accounts (we do have POA). We're talking about £85k. Any advice greatly appreciated.

Our family disagreed about an immediate care needs annuity, too. But I persevered, and they realised it made by far the most sense. Get more figures and show them the worst-case scenario, you should be able to convince them. Talk to someone like http://www.nhfa.co.uk/modules/standard/viewpage.asp?id=1

lumar

Thanks Biggles, we thought the annuity was a good idea, but other family were dead set against it, and you can't go ahead without everyone's agreement. Even went to an IFA and got figures, which was a waste of money, as it still didn't convince them. I think they just didn't understand it - they just thought what if she died just after paying all that money, it would be a waste. So advice about good income producing accounts is what I need (if there are any at the moment!).

Biggles

NHFA (the link above) will get you figures from all three insurance firms in the market, and for no cost (not sure why you were asked to pay for this information!).

Sure, there's a downside to paying, ie that she may die just afterwards, but the downside of not paying is that she may live long enough to run out of money and is forced to move to a home of the council's choosing, not of her/your choosing, as now.