Care home costs are increasing in the UK. This is leaving thousands of people struggling with debts as they try to give their loved ones the care that they need. Although authorities are aware of what a serious issue this is, they have so far been standing off from delivering much financial support.
What’s the situation?
There is currently a cap on those who have to pay for elderly care. It’s set at £23,250 right now, which means that those who have assets worth more than £23,250 will need to pay for their own care. David Cameron has stated that he is going to raise the bar to £75,000 in 2017.
So what does this cap mean? To put it simply, it means that in 2017 once you have paid for £75,000 of care then the government will step in and pay for the rest until the patient dies.
How much do care homes cost?
Laing & Buisson’s report ‘The Care of the Elderly People Report’ states that there is a difference in how much you pay that is dependent upon where you live within the UK. What type of care you need will also determine the price. If you need specialist advice or the care of a nurse, then you’ll be paying far more than those who can stay in a residential care home without any real medical assistance. However, just because the elderly don’t need the support of a nurse today, it doesn’t mean that they won’t five years down the line.
Basic care services are around the £27,000 mark annually. If a nurse is required, this is increased to £37,500. However, if you live in Yorkshire you may have to pay basic care cost of £24,000 but if you live in London, it’s more likely to be £37,000.
Can you get help?
Due to the complexities of the elderly care industry, there are brokers who can help you to find the best possible financial package for your loved ones. Not only will you be advised on how this type of social care system works, but you can also obtain advise on which benefits are available from the state to provide support in addition to advice on how to handles things if you run out of funds.
If you’re looking for assistance on how to manage your money, whether you are entitled to more or which care home you are entitled to use, then contact us.