Cost Of Average Length Of Stay In A Residential Care Home Is Equivalent To 26 Years’ Worth Of Family Holidays

The cost of the average length of stay in a residential care home is the equivalent of around 26 years’ worth of annual holidays for a family of four at £3,133 each. Meanwhile, the average cost of a wedding, at £15,000, is less than one-fifth of the cost of an average residential care home stay. That’s according to new analysis by Independent Age, the older people’s charity, to launch its new, free advice guide, Paying for your care: Funding your own care at home or in a care home.

On average, older people stay in a residential care home for 30 months, at an average cost of approximately £32,000 per person for the first year, and increasing over subsequent years, coming to a total of around £82,000 over two and a half years, although many people could end up paying much more than this. Independent Age analysed a range of expenditures that most people would face in their lifetimes to look at how the cost of care compares. A deposit for a house is generally considered one of the biggest expenses of adulthood, with the average first-time buyer’s deposit now estimated at £32,899, for which people often have to save up for months or years. Yet this is roughly the same as the average cost of one year in a care home.

According to the Office for National Statistics (ONS), the average weekly mortgage payment in the UK is £147.60 per week, and the average amount paid for rent each week is £92. That compares to an average of £605 per week for residential care and £845 per week for nursing care. Other ONS figures reveal that the average annual salary is £28,200, almost £4000 less than the average cost of a year’s stay in a care home.

When it comes to the costs of care at home, these can vary widely depending on the amount and type of care needed, but average costs for someone with high care needs have been estimated at £36,950 for the first year. This is the equivalent of eight funerals with traditional burials, which are estimated at £4,257 each.

Janet Morrison, Chief Executive of Independent Age, comments, “We get a lot of calls to our Helpline about paying for care, and many people don’t realise that social care is means-tested and that there are costs involved. When you think about it in the context of a deposit, wedding, or family holiday, you start to realise how high and confusing care costs can be. We know that a lot of people don’t think about care in advance, but there are things you can do even if you haven’t planned ahead. So when the time comes, it’s important to get help and expert advice from charities like Independent Age.”

Around 56% of all independent sector care home residents will end up having to pay for some or all of their care themselves. The care system is complex and can often be confusing and difficult to understand, especially for those paying for their own care, who may not get all the information and assessments they need unless they know what to ask for. That’s why Independent Age has launched its new, free guide, Paying for your care, which offers information on paying for care both at home and in a care home.

The new, free guide is full of tips to help older people and their families who need to pay for their own care understand the process. Paying for your care provides practical information on topics such as how council assessments can help you work out what care you need, different ways to pay for your care, and what to do if your financial situation changes, to help older people and their families navigate what can be a complicated system.

It also aims to help people recognise the variations between different types of care, as going into a care home is not the only option. For some people, receiving care at home is what’s best for them, so it’s important to consider all the options.

Paying for your care is completely free to order and download from independentage.org/paying-for-your-care or can be ordered for free by calling 0800 319 6789.

 

 

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