When care home costs rise by more than 10 times the increase in pensioner incomes, rocketing by 5.2% in the last year, what are the alternative options in caring for your ageing relatives….?
The data for these figures comes from a recent report by Prestige Nursing and Care and highlights the growing crisis in the care for the elderly. The report shows the average cost of a care home now exceeds £30,000 a year. But this is an average figure and our own research has shown that in London and the Home Counties the cost of residential care can be up to £1500 per week, an annual cost £78,000.
Approximately two fifths of care homes are private, with only two fifths funded by state money. Residents in these private homes now pay up to 40% more than residents funded by public money.
So how can you get better deal, not just in terms of money but in terms of life style, individual care and attention and overall happiness for your ageing relatives?
There is an answer and, although this option is not available to all, where finances permit it holds many advantages ~ that is the option of the person staying in their own home and being cared for by either a live-in carer or visiting care.
We at The Graham Agency are in the front line of proving such carers for clients and have produced some interesting statistics which show major savings. Against the substantial costs of residential care, we can provide a skilled carer with experience of meeting the needs of the elderly at an average cost of around £670 per week, an annual cost of £34,840. That is a difference of £43,160, per annum compared with an approximate annual residential care cost of £78,000.
These cost differences are huge and residential care eats into estates at an alarming rate, even for those with a sizeable estate on which to rely. Of course, live-in care costs will also rise, but proportionately and will always be less than residential care.
But for those involved it is the emotional aspect of retained independence plus the comfort and psychological security of remaining in one’s own home that is beyond price.