Tories announce end to forced home sales for care costs

Davesnave

You can pay for a scheme to fund you through a home now, without giving away all your assets. I looked into this for my Dad. He was pretty old and it would have cost us around £40k, but there was a sliding scale of repayment if you died within the first couple of years.

As it happened, we didn't need it. Like a lot of elderly people, he died shortly after entering the home.

dzug1

stonethrower wrote: »

Can someone tell me if an old person goes into a home on a temporary basis will the £8000 cover them.

I doubt if the policy has been thought through to that level of detail

wageslave

Care homes are, to put it bluntly, Gods waiting room. You go in and,realistically, you aren't coming back out alive.

This policy is there to protect juniors inheritance. Very big on inheritance, the tories. If you dont have kids you dont need the insurance. If you do, let them find the 8k.

treliac

dzug1 wrote: »

I doubt if the policy has been thought through to that level of detail

It does now seem to be a case of who can knock out the latest vote winner.

Personally, I would only be interested if I was showing signs of failing health by 65. So, given such differences in peoples' potential to need long term care, would the scheme be available to one and all?

Nothing I've read about equity release makes it an appealing option.

chopperharris

So what is next , no prescriptions unless you pre pay that too , or work until you drop?

You would be better moving to scotland or wales and having a council house after selling up ,at least for free perscriptions.I know of at least one couple that did exactly that.

There will be no scotland left , just the nursing home formerly known as caledonia.

lostinrates

treliac wrote: »

Personally, I would only be interested if I was showing signs of failing health by 65. So, given such differences in peoples' potential to need long term care, would the scheme be available to one and all?

Nothing I've read about equity release makes it an appealing option.

I wonder: are there private scheme like this? would any spring up as a result? If I could choose the right place to provide care for me at a fit and healthy 65 perhaps I'd be interested...prepared to put a down payment down in anticipation of DH and/or I being unable to care for ourselves/each other. I am certain my grandmothers decline was hastened by the fact that her dementia was significnt by the time her husband died and decisions were made for her, rather than by her and she became a passenger in her own life, no the driver of it, or even the navigator. If I could plot out a course for a future retirement closer to it, I think it would be an option worth looking for it. Otherwise, then I think I'd find it hard to understtand why to put £8k into a scheme that promises me no choice and a depressing and uncaring decline to death.

stressed_nrp

roddydogs wrote: »

You get the money by re-mortgaging your house (Equity Realease), plenty of 65 year olds have £8,000 to spare.The snag with this scheme is that what happens to the over 65s who cant get the "insurance" as they wont touch someone whos already got Dementia, or other problems, what happens then?

That's exactly it, they are discussing the need for residential care only, at present i've not heard anyone say this will also cover nursing care (dementia patients) and this is where the greatest cost lies, so when people cannot actually look after themselves they need to be cared for who is going to fund this?

Costs increase considerably when a person needs 24 hour care and have to enter a nursing home and this is the reason most houses have sold and proceeds been used for funding their care home fees. Most families will look after relatives when they are a bit unstable i.e. would qualify for residential care ..., however nursing needs need to be met by professionals, as far as I understand it there hasn't been a mention whether this is included or how this will be funded, if at all.

even if it's a policy for residential care only I failt o see how 8k will cover anything. a previous poster was right, when a person enters a care home average life expectancy is 4years, however based on funding 8k and not having to sell your home a lot more people will be taking up this option which will cost the tax payer more. I am not sure this scheme has been thought through, it's just a way of making the tories seem more caring & vote worthy than labour.

Generali

Actually I think it's self funding as long as the money isn't spent on other things.

If there are 400,000 odd in care homes and about 10,000,000 over 65s then you have a 4% chance of ending up in a care home that will cost £100,000 on average.

100/4 * 8,000 = 200,000

A good deal for the taxpayer perhaps, despite my earlier, apparently hasty post?

baby_boomer

I'm a Tory and I can't understand the logic of this policy which implies that the state is responsible rather than the individual.

Not can I understand their inheritance tax policy - yet another case of the baby_boomers always getting their selfish way . If you inherite a £million tax free, many people will be disincentivised from using their talents & training. How many doctors' children who trained as doctors will simply take early retirement, for instance?

If there's any tax money to distribute - which there isn't - then it should be use to incentivise people who contribute to the economy ie by keeping income tax rates as low as possible when the pressure will be on to raise them.

This is electioneering pure and simple. How can "giveaways" be responsible government when the Tories' economic / fiscal case is that the deficit is the number one problem facing the UK today?

I suppose it's the price we pay for competition between parties in a democracy :rolleyes:. After all, Labour will be making all sorts of unfunded / unrealistic promises to public sector workers over the next few months as they cling on by their fingernails.

epz_2

Generali wrote: »

Actually I think it's self funding as long as the money isn't spent on other things.

If there are 400,000 odd in care homes and about 10,000,000 over 65s then you have a 4% chance of ending up in a care home that will cost £100,000 on average.

100/4 * 8,000 = 200,000

A good deal for the taxpayer perhaps, despite my earlier, apparently hasty post?

Good, hopefully this means it can be run by the private sector and im not liable to fund something that can be effected by news papers bullying politicians.