It has been reported that the average annual care home fee is now in excess of £30,000 – way beyond what the average pensioner can realistically expect to receive (which is actually about £14,456!). The average length of stay in a care home is 2.5 years. Therefore £75,000 is needed to cover the total costs, and for most this is just not feasible.
The rise in fees has been attributed to the increase in the wages of the care workers and nurses who staff the care homes, something that cannot really be avoided. The cuts to social care have added increased pressure on those needing care to meet the payments themselves, as resources and funding are reduced by the state. Basically we are all living far too long for the government to be able to afford to look after us.
Looking after you is the number one priority, and so having a plan on how to fund long-term care is a necessity. If you aren’t already putting money aside for this then you need to be! The majority of you reading this will not be entitled to state help because you have far too much money! So, make sure you don’t eat away at what you have carefully ring-fenced for your family, and start thinking about what you may or may not need in the future.