Working all of your adult life, raising your children and finally settling down and enjoying your retirement should be the norm for most elderly couples, however, due to recent increases in residential fees, thousands of couples have to sell their homes to cover the impending costs.
According to recent studies published in the Daily Mail, the average care home annual costs have increased by 5.6%, with the national average standing at £27,404, almost double the average state pension, which is £13,208. Local council cut backs and lack of funds are partly to blame for the staggering influx, but with the increase twice the rate of inflation, questions remain unanswered.
Although the rate for a shared room has only increased by 3.7%, loneliness and the inability to care for oneself are two of the main reasons that many elderly people decide to move into residential care. Although the government has placed a cap of £35,000 on residential fees, it still leaves a heavy financial issue for thousands of the UK’s elderly.
These recent cost increases has led to many elderly people and their families turning to home based care or ‘home-help’. The average costs for this type of care stands at £7,576 per annum, nearly 3.5 times cheaper than residential care. This also helps people maintain their independence and this type of care is covered by the recent cap on care.
The increases have had an impact all across the UK, with London (14%, East Anglia (12%) and Cumbria (11%) boasting the biggest increases.
According to recent studies carried out by Age UK, figures show that up to 20,000 pensioners are selling their homes to cover the recent increases. And as many of these people feel unaware of how to prepare for these changes, Jonathan Bruce, managing director of Prestige Nursing and Care told the Daily Mail; ‘For those who are slightly younger, factoring possible care fees into their savings is a good idea.’
Bruce also went on to say ‘For older people who require residential care immediately, they will unfortunately have to grin and bear these costs’, a comment which may spark fury throughout the UK’s elderly population, who feel helpless in these current times.