Financing Retirement Home Living.

atush

It should with her income, if invested, pay at least 5 years. And I can't remember her age, or condition but that is a long time in care home. Most don't live in them that long.

As long as she is happy there, that is the main thing.

xylophone

The finances are still a worry though. The proceeds of the sale of her flat won't last for ever!

http://www.adviceoncare.co.uk/immediate-needs-annuity.htm might be worth a read but you would have to consider the matter very carefully.

WoodruffsDad

atush wrote: »

It should with her income, if invested, pay at least 5 years. And I can't remember her age, or condition but that is a long time in care home. Most don't live in them that long.

As long as she is happy there, that is the main thing.

She was 90 in November 2011.

xylophone

She was 90 in November 2011

.

We have / have had nonagenarian friends/relatives - a couple of them made their 99th year...

Mojisola

Pollycat wrote: »

Re finances, once her capital drops to (I think) £23,250 she will stop being fully self-funding.

And when her capital drops to (again I think) £14,500, the council will fund all her care costs - although they will take most of her income (state pension, occupational pensions etc) towards the cost.

The council will fund care costs up to the limit they have set.

Our council has a weekly limit of £395. If a resident is in a more expensive home and becomes entitled to funded care, they have two choices - find someone who will pay the difference or move to a home that charges the council rates.

Pollycat

Mojisola wrote: »

The council will fund care costs up to the limit they have set.

Our council has a weekly limit of £395. If a resident is in a more expensive home and becomes entitled to funded care, they have two choices - find someone who will pay the difference or move to a home that charges the council rates.

Sorry, Mojisola, you are absolutely right.

It didn't apply to us as Dad's fees were within the council limit.

I've now amended my post.

OP - sorry for the confusion.

Mojisola

Pollycat wrote: »

It didn't apply to us as Dad's fees were within the council limit.

It must have been good to be happy with a home that only charged the council level.

I looked at some at that price here and just couldn't have left Dad in them.

Like WoodruffsDad, we're hoping that we get enough from his house sale to outlast him. It's not nice doing the calculations - well, there's enough money to last x years so we hope Dad dies before that.

We're all going to be pensioners so none of the family would be able to pay the top-up fees.

le_loup

Mojisola wrote: »

Like WoodruffsDad, we're hoping that we get enough from his house sale to outlast him. It's not nice doing the calculations - well, there's enough money to last x years so we hope Dad dies before that.

That's why it is important to, at least, investigate immediate care annuities.

SandraScarlett

WoodruffsDad wrote: »

We've found a good nursing home for ma-in-law for a cost of £850 per week.

As far as the value of her home is concerned she bought it for £160k about 4 years ago and identical properties have been selling very recently for up to £180k.

I think that sheltered housing is not so susceptible to the vagaries of the market as "normal" properties are.

Well that's great news. I'm really pleased for you. As you mentioned that your MIL has about £30K in savings, and if she can get/gets AA too, she should have at least 5 years without you having to worry about what happens next.

Out of interest, I checked to see how much my Mum's home was now charging (it was £1750 per month nearly 17 years ago), and it's £4250 per month. :eek:

xx

slinga

I didn't read the OP as if he was trying to protect any inheritance and saw his joke when he made it.
But, and it's too late now, the feelings of the OAP or should that be SC also have a bearing.
The generation of which the OPs mil is a member set themselves a goal of leaving an 'inheritance' for their offspring, however small that might be, and to know that that will be reduced to nothing because of it being paid out to nursing homes or whatever can be quite upsetting.
Sometimes they will have been taxed on the money 3 or more times. Income tax, tax on interest, sales tax, stamp duty, National Insurance etc etc.

Unfortunately that is the way of things.