Care costs and the loss of your home and the bulk of your savings

This question is in relation to my 85 year old widowed mother who currently is in good health and lives in her own home, albeit with some equity release on the property.
If she had to go into care, I understand that “if your capital is under £23,250, you will pay what you can afford from your own income, and the local authority may contribute towards the fees”.
So basically, she can kiss goodbye to any savings above that figure and she will have to sell the house.
She has a life insurance policy which would be worth about 9k on her death.
If she were to go into care and is there for a while, the money from the sale of house and her savings above 23K has all gone, would they then demand the 9k too?
TIA
Comments
-
Well everyone kisses goodbye to their wealth when they die but in answer to your question, no life insurance policies are not taken into account in a financial assessment.1
-
If you are bothered about losing your inheritance maybe let her stay with you0
-
WilliamKingIII said:
If she were to go into care and is there for a while, the money from the sale of house and her savings above 23K has all gone
0 -
WilliamKingIII said:
This question is in relation to my 85 year old widowed mother who currently is in good health and lives in her own home, albeit with some equity release on the property.
0 -
justwhat said:WilliamKingIII said:
This question is in relation to my 85 year old widowed mother who currently is in good health and lives in her own home, albeit with some equity release on the property.
As to the OP - mom has already sold a portion of her house to give her the savings she has currently. To have to sell more of her house to allow her to live comfortably - at least for a couple of years isn't that bad a trade off is it?I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe and Old Style Money Saving boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung0 -
care has to be paid for somehow...
1 -
i often wonder about the escape to the county people who pool their money with elderly parents and have therefore big budget and then the annexe or bit or garage the elderly relatives are assigned are not as nice as the main house and what happens when they need care Do they have to sell and down size?35k savings no debt0
-
Brie said:justwhat said:Well you still have some time to avoid / mitigate care costs as your mother is still in good health.
As to the OP - mom has already sold a portion of her house to give her the savings she has currently. To have to sell more of her house to allow her to live comfortably - at least for a couple of years isn't that bad a trade off is it?Signature removed for peace of mind1
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 348.4K Banking & Borrowing
- 252.1K Reduce Debt & Boost Income
- 452.4K Spending & Discounts
- 241K Work, Benefits & Business
- 617.3K Mortgages, Homes & Bills
- 175.7K Life & Family
- 254.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards