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Care home costs are becoming increasingly unaffordable, with fees now reaching a staggering 408 percent higher than the average state pension, new research suggests.<\/p>\n
According to the study by Oak Tree Mobility, care home costs are now averaging \u00a31,036 per week or \u00a353,832 per year.<\/p>\n
However, this average masks the stark differences across regions and care types. In the UK, Scotland is currently the most expensive country for care home costs, averaging \u00a31,286 per week and \u00a366,863 per year.<\/p>\n
Meanwhile, costs in Northern Ireland are significantly less, averaging \u00a3792 per week and \u00a341,184 per year.<\/p>\n
When comparing the average weekly care home cost of \u00a31,036 against the average UK state pensioner income \u2013 about \u00a312,500 a year for a single pensioner and \u00a326,900 for a couple \u2013 the average pensioner is short over \u00a341,332 per year.<\/p>\n<\/div>\n
This amount would only cover approximately 10 weeks of care home fees, underscoring the increasingly challenging situation many are facing when considering care home services in their retirement planning. Here\u2019s where each country and region fare, according to Oak Tree Mobility\u2019s research.<\/p>\n
Scotland ranks as the most expensive country in the UK for care home costs, with an average of \u00a31,286 per week, but Edinburgh, as the capital city, sees the highest costs overall. Care in Edinburgh averages \u00a32,200.00 per week, reflecting the premium for care home services in urban and affluent areas.<\/p>\n
The most affordable country for care homes in the UK is Northern Ireland, with an average cost of \u00a3791.98 per week. County Down, despite being the most expensive within Northern Ireland, offers the cheapest care home in this area at \u00a3623.00 per week.<\/p>\n
Here are the most expensive countries in the UK for care homes, as per Oak Mobility\u2019s research:<\/p>\n
While Northern Ireland is the cheapest country for care homes, the cheapest overall region was Torfaen in Wales, costing \u00a3621 per week or \u00a332,305 per year. Eight of the cheapest locations for care homes can be found in Wales.<\/p>\n
In England, if a person has over \u00a323,250 in savings, they must pay the full fee for their stay in the care home (known as self-funding).<\/p>\n
If someone has between \u00a314,250 and \u00a323,250, they must contribute from income included in the means test, such as pensions, plus an assumed, or \u2018tariff\u2019 income based on their capital between \u00a314,250 and \u00a323,250. The council will then pay the remaining cost.<\/p>\n
If a person has less than \u00a314,250, they no longer have to pay a \u2018tariff\u2019 income based on their capital, but they must continue paying from income included in the means test. The council pay the remaining cost.<\/p>\n
Figures vary by country in the UK, for example, a person can have up to \u00a350,000 in assets in Wales without needing to self-fund, so it\u2019s best people check their country\u2019s respective policies.<\/p>\n
But, there is support available for those who need it, Oak Tree Mobility\u2019s Verity Kick said.<\/p>\n<\/div>\n
She explained: \u201cAmidst the rising costs of care homes in the UK, retirees and their families need to understand the support available to them.<\/p>\n
\u201cWith weekly fees averaging over \u00a31,100, many fear the financial strain of long-term care.<\/p>\n
However, the Government has recognised this challenge and is implementing reforms to alleviate the burden.<\/p>\n
Ms Kick said: \u201cFrom October 2023, an \u00a386,000 cap on personal care costs will protect retirees from unlimited expenses. Additionally, more generous asset thresholds mean that individuals with assets under \u00a3100,000 will receive financial assistance from their local authority, ensuring that care is more accessible for all.<\/p>\n
\u201cIt’s important to engage with local social services to navigate these options, as the support can significantly reduce the impact of care home fees on retirement savings.\u201d<\/p>\n<\/div>\n[ad_2]\n","protected":false},"excerpt":{"rendered":"
[ad_1] Care home costs are becoming increasingly unaffordable, with fees now reaching a staggering 408 percent higher than the average state pension, new research suggests. According to the study by Oak Tree Mobility, care home costs are now averaging \u00a31,036 per week or \u00a353,832 per year. However, this average masks the stark differences across regions …<\/p>\n","protected":false},"author":1,"featured_media":14006,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"_links":{"self":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/posts\/14005"}],"collection":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/comments?post=14005"}],"version-history":[{"count":0,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/posts\/14005\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/media\/14006"}],"wp:attachment":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/media?parent=14005"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/categories?post=14005"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/tags?post=14005"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}