One off payment for care?

[Kathleen]

Hello

Has anyone else heard of this?

My sister read somewhere about a scheme where you pay a lump sum to cover all care home fees until the death of the resident.

If the amount paid is more than the fees totalled at the time of death you forfeit the balance and if less, there is no refund.

Being a bit of a sceptic, I am wondering how to go about finding more information on this as it seems a bit of a gamble with Mums money.

Kathleen
xx

 

[Lynne]

Reply

Maybe just because I'm a distrustful ***** but without more information, to me this has "BEWARE" stamped all over it. Be sure that you are not giving away the family home (unless you see that as an answer to your family situation).

Sorry to be negative.

 

[Sheila]

Hi Kathleen, take a look at fact sheet 468, it is about care home funding. I think this is what you mean? It is a gamble though. We looked into it for Mum, they wanted several thousands up front, we decided against it as we wanted to keep her with us as long as we possibly could. Tragically she died following bad hospital nursing when she broke her hip in hospital. This was after being admitted as an emergency for a bad chest infection. (We did bring her home, but she never recovered and died at home with love around her.) Had we tied into a scheme for a care home, we would have lost everything paid in. What ever you decide, READ THE SMALL PRINT and discuss it as a family. Once you sign up, that's it gone! Mind you, if you only have just what the scheme asks as paymnet to play with, and your dementia sufferer is young and in good health otherwise, it could pay off, "You pays yer money and you takes yer choice!" Love She. XX

 

[Kathleen]

Thanks Lynne and Sheila

Mum has her house still and in my own personal opinion if it is sold and all the money used to keep Mum safe and as happy as can be for the remainder of her life, then fine, it is her money and I hope she lives long enough to use it all.

But with siblings, nothing is ever simple is it!

I always err on the side of caution, perhaps that is why my husband and I just manage to keep our heads above water and will never be rich, but at least we are happy.

Kathleen
xx

 

[Norman]

Hi Kathleen
I too am vary wary about shemes that sound too good they probably are.
Find the fact sheet that Sheila mentioned at
http://www.alzheimers.org.uk/Caring...idential_and_nursing_care/info_payingfees.htm
I suspect some of the schemes advertised elswhere are equity release,be careful
Norman

 

[Michael E]

Kathleen hi,

Just to add my bit of caution to all the other posts

- Just supposing the 'care' was dreadful - awful people, working on a tiny budget for the benefit of the management of the system - you would not be able to walk - move your mum out of the situation - cos they had all the money already.

Just suppose the scheme went broke after a while - you would loose everything.

Hanging onto property - substantial sums of money is sometimes quite difficult because a lot of people out there would like to get their hands on it.

As Norman said - if it sounds too good to be true - then it almost certainly is.

Michael

 

[Kathleen]

Thank you all for your replies.

I will go on my instinct on this one and that tells me to avoid this plan at all costs.

Mum has enough money to keep her for another year before we have to sell the house and that will generate capital to last her another 15 years at least.

I know Dad wanted the house to be sold and the proceeds split between us 3, but he is no longer with us and I know he would have wanted Mum looked after in the best possible way, so that is what will happen.

I have a feeling that the inheritance is more important than Mum with some family members, but that is the way of the world unfortunately. How different things would be if she was pennilies and had lived in rented accomodation instead of the two of them working so hard to provide for us children.

We are having a get together tomorrow night to discuss the financial situation and I have promised my husband that I will keep my cool and behave myself as we don't want old wounds opened between the three of us. I love my sister and brother to bits, but as we have three very different personalities, it can occasionaly cause problems.

Wish me luck.

Kathleen
xx

 

[Sheila]

Good luck Kathleen, will be thinking of you. What we did was sell Mum's house, put some cash in a current account for immediate use for her care and the other in a high interest but safe investment one to draw on later. Of course the money soon went down as she had to pay for all her care, but we managed to spin it out for her lifetime, she had everything she could possibly want or need, it worked for us anyway. Love She. XX