Reducing savings to avoid paying for care.

missile

I would suggest such improvements would be very disruptive and upsetting for your mother. Does she really need or even want this?

Ordinary_Yet_Unique

Why would you want to avoid paying for care? I know I would have to use my savings should I ever need carers or residential care in future years. Fortunately my family also support a house sale should that become necessary to fund my care. They are more concerned about my physical and mental well being than any inheritance. Perhaps this is one of the concerns here?

Albermarle

Ordinary_Yet_Unique said:

Why would you want to avoid paying for care? I know I would have to use my savings should I ever need carers or residential care in future years. Fortunately my family also support a house sale should that become necessary to fund my care. They are more concerned about my physical and mental well being than any inheritance. Perhaps this is one of the concerns here?

This issue crops up quite often in the MSE Savings and Investments forum.

Often the older person themselves, ( as well as family members )are so concerned about the local authority 'stealing' their assets, that they have often not thought through the consequences.
I think the media also whips up extra anxiety on the subject, when in reality the % of people who lose their homes in this way is actually pretty small. 

missile

What percentage of people actually end up in care homes?

Edit: I found the answer> Myth-busters #12: Everyone ends up in a Care Home when they get old

JGB1955

missile said:

What percentage of people actually end up in care homes?

Less than 2.5% according to the ONS.  

Older people living in care homes in 2021 and changes since 2011 - Office for National Statistics

Sea_Shell

JGB1955 said:

missile said:

What percentage of people actually end up in care homes?

Less than 2.5% according to the ONS.  

Older people living in care homes in 2021 and changes since 2011 - Office for National Statistics

That might be the CURRENT level...but what about over the next 20 or 30 years.    

With the fragmentation of families, and the increase in single person households, I can see that figure going up in the future.   

Or we'll just see an increase in the elderly living "off the radar" in their own homes, until they're found slumped in a chair one day. 

kimwp

Being fit and active, with good social integration is probably the best way to avoid paying for care.

Farway

kimwp said:

Being fit and active, with good social integration is probably the best way to avoid paying for care.

Unfortunately, Fit & active is not always an option should illness, or disability arrive uninvited & unwanted

Savvy_Sue

Sea_Shell said:

JGB1955 said:

missile said:

What percentage of people actually end up in care homes?

Less than 2.5% according to the ONS.  

Older people living in care homes in 2021 and changes since 2011 - Office for National Statistics

That might be the CURRENT level...but what about over the next 20 or 30 years.    

With the fragmentation of families, and the increase in single person households, I can see that figure going up in the future.   

Or we'll just see an increase in the elderly living "off the radar" in their own homes, until they're found slumped in a chair one day. 

Yes, but an increase from 2.5% is going to take a while to reach really worrying levels!

I think Long Covid is going to have some future effect, too.

Clowance

and a smaller percentage live at home with 24 hour care, which is probably even more expensive than care home.

Its a gamble and none of us know where we will end up when very old.