About My Generation -13th January 2014

Ray Hart, founding director of Valuing Care FM introduces the art of negotiation for care home fees. For most expenses in life, we try to negotiate; who doesn’t like to get a good deal? Some people may be better at it than others, and yet we’ve all had a dabble at some stage or another, be it for a car, a house, or even a hotel room. We all want to receive value for money. Moving yourself or a loved one into a residential or nursing home is one of the largest financial decisions that people make in their lifetime. Few of us would accept the first quote received for a new car, and yet the majority of self-funders accept the first quote for a care home placement without question. Many purchases have an element of emotion attached, but probably no more so than when people are faced with choosing a care home for a loved one. It is a complex sea of emotions, which often arises at a time of crisis. Hence people make quick, panic decisions. After all, the last thing on people’s minds is whether a few pounds can be saved. In reality savings can amount to thousands of pounds. At £500 per week, the average length of stay in a residential home would total £60,000. Even a £50 per week reduction could save £6,000 over the duration of the placement. So isn’t it time we started to explore the idea of negotiating care home fees, and leverage the negotiation skills we use for other purchases to this sector? Read the full article here