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Immediate care bond/annuity for carehome fees

Cookie123

Registered User
Dec 6, 2019
24
0
Hi
my dear husband's decline continues and some weeks I think the end is near. Then he's up eating biscuits.
I have 2 quotes for care bonds from 2 companies- awaiting 2 more. he is 90 with many comorbidities. GP changed when he entered home in Oct and not very engaged at all. he is now immobile needing hoisting to wheelchair if he is awake. Lots of sleeping, little eating except chocolate and puddings. Lost 25 lbs in last 2 months. double incontenence. sometimes extremely delusional, always confused. I can't imagine the bond will be worth the money but if he somehow hangs on 2 years then it is worth it. Does anyone have experience of these bonds? thanks
 

Frank24

Registered User
Feb 13, 2018
351
0
Hi
my dear husband's decline continues and some weeks I think the end is near. Then he's up eating biscuits.
I have 2 quotes for care bonds from 2 companies- awaiting 2 more. he is 90 with many comorbidities. GP changed when he entered home in Oct and not very engaged at all. he is now immobile needing hoisting to wheelchair if he is awake. Lots of sleeping, little eating except chocolate and puddings. Lost 25 lbs in last 2 months. double incontenence. sometimes extremely delusional, always confused. I can't imagine the bond will be worth the money but if he somehow hangs on 2 years then it is worth it. Does anyone have experience of these bonds? thanks
This is hard to decide. I would think no. Has your husband been assessed for CHC funding?
 

Cookie123

Registered User
Dec 6, 2019
24
0
This is hard to decide. I would think no. Has your husband been assessed for CHC funding?
I have requested this and got the run around for a couple of months. FINALLY got GP to ask District Nurses to complete it. Althought they "dont think he is eligable" having not met him. And because they haven't had regular contact. But i think he meets criteria. Will see. Thanks so much for replying.
 

Shedrech

Volunteer Moderator
Dec 15, 2012
12,457
0
Yorkshire
Hi @Cookie123
Sorry to hear of your husband's decline ...so tough on the both of you

Only from reading threads ...several members have looked into these types of plans and decided not to go ahead ... from memory because the outlay is large with no return after taking them out, some mentioned that the care fees could increase more than the plan payout so a top up would be needed, and the plan would have to be in place for a number of years before being cost effective
Though I think a couple of members did use them for peace of mind
I guess it depends on whether you can pay the initial amount and not be concerned about not seeing that money again ... definitely don't leave yourself short
 

Cookie123

Registered User
Dec 6, 2019
24
0
Your husband is entitled to this assessment xx
yes! Thanks for the support.
Hi @Cookie123
Sorry to hear of your husband's decline ...so tough on the both of you

Only from reading threads ...several members have looked into these types of plans and decided not to go ahead ... from memory because the outlay is large with no return after taking them out, some mentioned that the care fees could increase more than the plan payout so a top up would be needed, and the plan would have to be in place for a number of years before being cost effective
Though I think a couple of members did use them for peace of mind
I guess it depends on whether you can pay the initial amount and not be concerned about not seeing that money again ... definitely don't leave yourself short
hi Shedrech. Thanks for the reply and yoour thoughts. I was thinking i would proceed yesterday but have discussed with a clever friend or 2 today and it is unlikely to be of benefit as you point out. I think he is late stage - although GP refuses to give advice on this. I think he is 90 with other problems and vasculare dementis as well as alzheimers. I cant see him living 3 more years with his poor nutrition. I dont think the company would calculate and fund if they thought they would lose money. I wont have the peace of mind but I will need to find that some other way. thanks again- really appreciate your thoughts
 

Bod

Registered User
Aug 30, 2013
1,576
0
Hi
my dear husband's decline continues and some weeks I think the end is near. Then he's up eating biscuits.
I have 2 quotes for care bonds from 2 companies- awaiting 2 more. he is 90 with many comorbidities. GP changed when he entered home in Oct and not very engaged at all. he is now immobile needing hoisting to wheelchair if he is awake. Lots of sleeping, little eating except chocolate and puddings. Lost 25 lbs in last 2 months. double incontenence. sometimes extremely delusional, always confused. I can't imagine the bond will be worth the money but if he somehow hangs on 2 years then it is worth it. Does anyone have experience of these bonds? thanks
We had an Annuity for MiL.
It was set up to increase by 5% each year for inflation, and had a money return in the event of an early death.
It took a long time to set up, due to the company requiring medical records.
It did take long term financial concerns away, but it was expensive.
Our reason to to this, was to use up funds, which would have likely gone in Inheritance tax, having sold the house.

Bod
 

Cookie123

Registered User
Dec 6, 2019
24
0
We had an Annuity for MiL.
It was set up to increase by 5% each year for inflation, and had a money return in the event of an early death.
It took a long time to set up, due to the company requiring medical records.
It did take long term financial concerns away, but it was expensive.
Our reason to to this, was to use up funds, which would have likely gone in Inheritance tax, having sold the house.

Bod
Thanks Bod. Its a different situaiton for us as I am his younger spouse, spending the money will be a huge impact on my future. But he has recently progressed and he probably doesnt have more than a few months now. But thnaks so much for your reply.