£80K savings to fund residential home

balloubaby

My dad who is in his 80's is moving to a sheltered home that will cost approx £850 per month. To fund this he will sell his house and hopefully get £80,000. His pension income does not cover the rent so he will need to access this £80K to help fund his new home. I would be grateful for advice on the best home for this £80K in terms of interest bearing in mind he will require fairly regular access to it. Hes moving next week so all advice appreciated!

EdInvestor

Help the Aged provides useful free advice:

http://www.helptheaged.org.uk/ShoppingServices/CareFees/_default.htm

pernes

Hi, not sure if I am misleading you, but a friend told me that you can take out an insurance policy that would pay for the care required, which they lead me to believe works out cheaper than paying monthly? Maybe some one out there might have done this and could give us all advice. Is sheltered home the same as a residential home?

mary

Try https://www.nhfa.co.uk. It stands for Nursing Home Fees Agency. It provides free financial help at a vulnerable time. I think they are nationwide. I used them for my Mum when she was coming to that stage. With their advice I managed to let her house, whilst she was in the home and the rental plus her pension meant that she did not have to sell her house. I had a Power of Attorney to act on her behalf. She lived for 1 1/2 years in a home before she died 2 years ago. The NHFA are very professional, are well promoted with their literature when you visit homes, at least round here they are. Sympathetic and adapt their advice obviously to the individual needs. Would thoroughly recommend them.

balloubaby

Thanks for that advice. I didnt find help the aged that helpful so shall try your suggestion. Sheltered home essentially allows individuals to live independently whereas nursing homes offer those with health needs proper nursing care. My dad's sheltered home is what they call 'very' sheltered and so if his health should deteriorate there will be nursing care provided for him.

If anyone does have any further advice on the best home his cash once his house is sold I would be most grateful. I have heard government bonds are a useful investment?

Many thanks to all