Ringholding Expenses for the elderly

A discussion forum for the elderly, their carers and advisers

Ringholding Expenses for the elderly

Postby jencast » Thu Oct 20, 2005 11:34 pm

We purchased a long term care policy for my father when he had to go into a NH. We were able to ringhold his expenses and preserve his estate by paying one flat fee in addition to his pension going to the NH. His estimated annual NH expense was L1800 @ month even with allowances. It was a big financial decision, but we figured that if Dad survived 16 months in the NH, we would break even. Dad was 88 y.o. when we purchased the policy.
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Postby despair » Fri Oct 21, 2005 9:33 am

Thats interesting

Which company did you manage to purchase long term care cover from at age 88 ?
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Postby twig » Fri Oct 21, 2005 11:21 pm

This seems like a good idea, provided the figures work out in each particular case. When my grandmother had to go into a NH we had to sell her house and hope that the proceeds would be enough to pay for her remaining years. As a family we would probably have been able to find the funds to continue her care had the money have run out, but of course this would not always be the case. Policies of this sort seem to take the uncertainty out of things.

Additionally, many elderly people are very concerned about leaving an inheritance. They want to "do their bit" to provide for their children and grand children and losing it all (and some) to a NH is distressing for them. In the right circumstances such a policy would allow them to be sure that they are going to leave a legacy and take that particular worry off their shoulders.

But of course it should be remembered that insurance is akin to gambling - some you win and some you lose and one thing is for sure, insurance companies never lose overall on this type of bet.
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Ringholding Expenses for Elderly Care

Postby jencast » Sat Oct 22, 2005 1:45 am

We worked through a financial adviser and they looked over the entire portfolio and NH expenses. He gave us 4 options, and we decided on The Pension Annuity Friendly Society LTD. We choose this plan, because if the fund declared bankruptcy, 90% of the annuity income generated would have been covered by the FSCScheme. Of course all his occupational and state pensions also went to the NH, but this plan ringfenced his expenses from eroding the rest of his estate.
In retrospect, we believe Dad would have also chosen this plan as well, since he wanted to leave some bit of his estate to his sons and grandchildren.
Now, my only wish is that there is a prepaid legal plan to reduce solicitor fees!
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Postby despair » Sat Oct 22, 2005 8:29 am

There is .........add DAS legal expenses cover to your house insurance or ensure your house insurance includes it

Good ones do
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Postby DELETED » Tue Feb 20, 2007 9:25 am

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Re:

Postby Landry » Fri Aug 21, 2009 10:28 am

Long term care insurance for the elderly is a recent phenomenon, created to serve the needs of the elderly. Long term care insurance
is taken out when one is in their forties or fifties in anticipation of retiring as a senior. A monthly premium is paid, just like car or life insurance. It can be tailored to cover all anticipated expenses or just certain aspects. When the policyholder becomes a senior (each company has a predetermined age), they can begin to utilize the benefits. Whatever Social Security does not cover, the long term care insurance will. Long term care insurance will also prevent seniors from having to spend down their assets in order to be eligible for Medicaid.
Eldery care
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Postby despair » Fri Aug 21, 2009 7:35 pm

Landry

You are talking about whats availble in the USA not the situation we have in the UK which is what this website is catering for

The current elderly who are being robbed left rightb and centre of their hard earnt savings to pay not only for their own nursing home care but also to subsidise all those in the next chair who have dsquandered away their income on beer/fags and bingo all their lives

In the UK Social services pay £450 a week for the feckless citizens while the prudent are charhged £750 a week because the difference is used to subsidise Social Service residents

Is this fair ?...............NOT ON YOUR LIFE
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Re:

Postby DELETED » Mon Aug 31, 2009 11:57 am

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Postby despair » Mon Aug 31, 2009 12:17 pm

Neville

I can mirror that exactly with my elderly relative
Trust papers were drawn up but they never signed them
They were not going to pay IHT
They were not going to die
They certainly were not going to develop AD or Vascular Dementia

What happened ??????????

The Government benefitted while the family went through hell being run ragged for several years
Doctors /hospitals all hopeless because the patient had to ask for help

But the patient did not /could not /had no understanding that they were ill
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Re: Ringholding Expenses for the elderly

Postby vroom » Sat Jun 04, 2011 6:16 am

long term care is not just a problem in UK, but in United States and in Canada as well. As we age, we become frail, and, thus, a burden to our families. We need assistance even in the simplest activities such as walking, bathing, and eating. This is the truth. Long term care is the most expensive part of aging.

Please Support the 3 in 4 need more LTC Kick Off campaign to raise awareness on the importance of LTC planning.
Thanks
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Re: Ringholding Expenses for the elderly

Postby despair » Sun Jun 05, 2011 1:34 pm

In my area Social Services payments for those with nothing is restricted to £430 a week ,,,,,,,wheras the real cost is nearer £650,,,,,nursing homes subsidise this huge shortfall by having to charge those who dared to save for retirement or have property £900 a week

There can be no fairness whatever in those who have been prudent all their lives and paid their own way inc taxes to be fleeced to the tune of £300 a week to subsidise all those who have spent their money down the pub , bingo or betting shop

Sadly we need to re open council run care homes without all the nice facilities that cost so much to run
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Re: Ringholding Expenses for the elderly

Postby Clifford Pope » Thu Jun 09, 2011 9:36 am

Be warned that if you purchase a care bond, its actual value when needed will depend on how well its investments have performed. My mother has a bond with Prudential. She is 89, still living independently. She has just been told the bond will now only offer cover up to age 93, unless she puts in a further large capital sum.

I suggested cashing it in 10 years ago while it was still worth something, but the IFA thought it was a good idea.


We have wasted enough money in this scheme. It does not guarantee freedom from worry in old age, rather the reverse.
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Re: Ringholding Expenses for the elderly

Postby jencast » Mon Jun 27, 2011 6:31 pm

I think each case needs to be evaluated on its own merits/offerings. To minimize future misunderstandings, responsible people should address the need for LTC insurance when they are in full control of their capacities along with their execuetor/loved ones. LTC was not available for Dad to consider. It was up to his execuetors to manage his affairs. In our situation, there were only 2 inheritors. The son receiving the money, was concerned about the erosion of his potential inheritance and hence the need to ringfence expenses while maintaining good access to quality care. Luckily, it worked out, but this was a huge financial decision that needed support from all parties. That could be the biggest challenge.
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