Care costs threaten to decimate the wealth that elderly people have spent their lives accumulating, but what are the options available to keep costs down?
According to one report the average weekly fee for council registered carers is £396, while it rises to a staggering £759 for IFAs; 92% higher. All of this embroiled against a backdrop of multi-million pounds dividends for investors and huge director salaries.
Such highly inflated fees give rise to one very important question; why aren’t foster care costs subject to the same level of scrutiny as other social care costs? Care costs threaten to decimate the wealth that elderly people have spent their lives accumulating, but what are the options available to keep costs down?
The price of care has risen in recent years, thanks to a combination of short supply, care home operators struggling financially, and cuts to local authority budgets. An individual in need of nursing care can now expect to pay over £50,000 a year on average, if they have income and assets that exceed the £23,250 threshold above which care has to be self-funded.
According to healthcare research firm Lang & Buisson, the average fee for self-funded nursing care – which includes medical care from registered nurses – is £1,000 a week.