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The first £100K

Investment discussion for beginners. Why you should invest your money, get help getting started
GeoffF100
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Re: The first £100K

#718615

Postby GeoffF100 » March 17th, 2025, 7:15 pm

Clitheroekid wrote:
Lootman wrote:My mother-in-law went to a residential care home for Jewish people. They had an interesting approach to fees. You basically hand over your entire net worth, minus a small amount. And they care for you for as long as you live. So a bit like an annuity, I suppose.

A rather less random mechanism is an "immediate needs annuity", whereby in return for a lump of cash the annuity provider will pay the fees (or part of them) for the rest of the resident's life.

They are also available as deferred annuities to cover the tail end financial risk of living for a long time. They typically escalate by a fixed percentage each year. It may be possible to do a deal with a care home to accept the proceeds of the annuity as future payment, but that reduces flexibility. Nonetheless, insurance companies are in business to make money. If you can afford to pay out of income, that is likely to be better.

BigB
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Re: The first £100K

#718665

Postby BigB » March 18th, 2025, 8:58 am

GeoffF100 wrote:
dubre wrote:It is worth a reminder that the huge care home cost for those that pay is largely because they are subsidizing those that do not pay.

Is that always true, or are their care homes that take only self-funders?


I don't think that's always true. You could live at home and have all_day/various care every day and you could end up with your total living/care costs being comparable to or greater than living in a home.

There are homes that do only private care, homes that do a mixture, and homes that have local authorities connections so they take lots of state funded residents.

GeoffF100
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Re: The first £100K

#718701

Postby GeoffF100 » March 18th, 2025, 11:20 am

BigB wrote:There are homes that do only private care, homes that do a mixture, and homes that have local authorities connections so they take lots of state funded residents.

How do we know what their funding model is, and which is cheaper for self-funders? Are there any statistics?

BigB
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Re: The first £100K

#718731

Postby BigB » March 18th, 2025, 12:53 pm

GeoffF100 wrote:
BigB wrote:There are homes that do only private care, homes that do a mixture, and homes that have local authorities connections so they take lots of state funded residents.

How do we know what their funding model is, and which is cheaper for self-funders? Are there any statistics?


Well in our recent case, we had access to some information from several state sources: hospital, gps, local authority adult social care team.

Ringing the LA ASC team should be helpful. They'll tell you which homes they have deals with in the authority, which could mean you can use the home personally funded and then continue to use it state funded when the money runs out. They'll have a contracted rate with homes that will/may be less than the advertised price. That rate won't be freely available to private customers but I think some homes may be open to negotiation depending on their occupancy and your circs.

We also discovered 18 months ago a home in the LA which is like a halfway-house home the hospitals can use when trying to unblock beds for patients leaving hospital but not able to go home and care for themselves. It had 1 floor of halfway house, 1 floor of private residents, 1 floor of state funders. Social care is one of the big issues for waiting lists and hospitals. We encountered so many people still in beds in hospital because there was no agreed safe care plan for them to leave.

Speaking to LA can be helpful in terms of doing some due diligence too - if a home is state funded/sponsored, you may believe the home will operate to certain standards and scrutiny better than some others. Price and lovely rooms won't necessarily guarantee best care, and of course everyone gets to define 'best' for themselves.

There are also different types of care, and they are not necessarily all available in all the places you might look: residential, dementia, secured dementia (sealed wings to prevent walkaways), nursing, probably others too.

GeoffF100
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Re: The first £100K

#718736

Postby GeoffF100 » March 18th, 2025, 1:07 pm

BigB wrote:Price and lovely rooms won't necessarily guarantee best care, and of course everyone gets to define 'best' for themselves.

I have a friend who used to be a social worker. She said that the standard of care depends on the dedication of the carer, and money does not buy better care.

I also have friend who worked in a care home for a while, and had horror stories to tell. If the home does not have enough staff, the care is not going to be good, however dedicated the carers.

Gerry557
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Re: The first £100K

#722885

Postby Gerry557 » April 8th, 2025, 8:18 am

After recent days of market falls maybe I should start another thread, how long to loose £100k. :D

This next £100k rise has hit a speedbump. Then again so did the last lot.

gnawsome
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Re: The first £100K

#723154

Postby gnawsome » April 9th, 2025, 2:10 pm

Gerry557 wrote:After recent days of market falls maybe I should start another thread, how long to loose £100k. :


A couple of days

Gerry557
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Re: The first £100K

#723201

Postby Gerry557 » April 9th, 2025, 6:42 pm

gnawsome wrote:
Gerry557 wrote:After recent days of market falls maybe I should start another thread, how long to loose £100k. :


A couple of days


At least it's not hours


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