Hi,
I am new to Talking Point and am interested to know if there is anyone who has taken out an Annuity to cover the cost of their relative/friend's care home fees? And what the experience has been?
The reason I ask is that I am trying to sort out how to pay the care home fees for my mother. She is in residential care on a trial basis, after a fall. She absolutely loves it! I have never seen her more contented. She has made loads of friends, and one special one in particular who is a lovely lady, retired teacher. They go around arm in arm and are always together at mealtimes. I am very happy with the care provided by the home BUT it is very expensive, almost £1,000 per month and set to rise after 12 months because that is what the contract says. Obviously I have thought of moving her to a cheaper place but that may compromise her general mood and contentment. I don't want to risk the move!
Hence I have decided to look into how to self-fund her care as Social Services are very unhelpful, infact all agencies have been unhelpful whilst I have been trying to work my way through this mess of a system, trying to fathom out what is the best way to pay for care. Annuities seemed an attractive option, for a lump sum, you could get care for life paid by these insurance companies based upon a level of risk of how long your loved one will live. My experience so far is that they will not go beyond a certain sum that they will pay a care home? What to do? What to do?
I suppose what I am also asking is, has anyone negotiated with a care home, what fees they can afford to pay, rather than what the care home say they charge?
Would appreciate any feedback/advice/your experience of same.
Thanks, Reb
I am new to Talking Point and am interested to know if there is anyone who has taken out an Annuity to cover the cost of their relative/friend's care home fees? And what the experience has been?
The reason I ask is that I am trying to sort out how to pay the care home fees for my mother. She is in residential care on a trial basis, after a fall. She absolutely loves it! I have never seen her more contented. She has made loads of friends, and one special one in particular who is a lovely lady, retired teacher. They go around arm in arm and are always together at mealtimes. I am very happy with the care provided by the home BUT it is very expensive, almost £1,000 per month and set to rise after 12 months because that is what the contract says. Obviously I have thought of moving her to a cheaper place but that may compromise her general mood and contentment. I don't want to risk the move!
Hence I have decided to look into how to self-fund her care as Social Services are very unhelpful, infact all agencies have been unhelpful whilst I have been trying to work my way through this mess of a system, trying to fathom out what is the best way to pay for care. Annuities seemed an attractive option, for a lump sum, you could get care for life paid by these insurance companies based upon a level of risk of how long your loved one will live. My experience so far is that they will not go beyond a certain sum that they will pay a care home? What to do? What to do?
I suppose what I am also asking is, has anyone negotiated with a care home, what fees they can afford to pay, rather than what the care home say they charge?
Would appreciate any feedback/advice/your experience of same.
Thanks, Reb