Long-term care is expensive, so it needs to be planned carefully without overlooking other plausible alternatives.
On average, nursing home fees are somewhere around £1,000 per week and many factors can make this figure increase or reduce. Considerations such as location will also affect the cost, so take this into account in the event that you or a close relative require a care home.
The cost will increase/decrease based on the facilities and the additional aid that is to be provided. This means that nursing care – if needed – should add value to the overall weekly cost. Costs range from £350 to £1,500 without including nursing care and sometimes nursing support can add at least 20% more to the overall weekly fee.
This is the reason why you and the care home should have a clear understanding about the kind of support that you need from the care home so it doesn’t hurt your budget. The particular health conditions that you or your loved one require support for should be the first to be considered.
Location is the next aspect to consider, as some areas will be more expensive than others. Costs vary but the more expensive areas can cost up to £3,000, so the best solution here is to call directly and inquire for the weekly price range and then compare the results to see which one fits your budget the best.
Is there any government assistance for care costs?
Yes, but it has certain limitations. The first thing to do is to take an assessment in order to find if you or your close relative are entitled to have NHS healthcare funded by a local authority.
There is, however, a threshold: if both your income or capital are above £23,250, the chances are that you will have to pay care fees with no help from the government.
Is there any other option different from going into a nursing home?
Receiving care at home is becoming a popular alternative as it allows patients to stay in their homes, with their family and a familiar environment.
Another significant pro here is that costs are significantly reduced and patients still have a qualified companion 24/7. This option may come with additional features like being able to visit day centres and join in with fun activities, not within a facility for the entire day.
This is a good option of course, but people need to have a clear understanding of the specific health issues that make a nursing home the best option. Severe illnesses like Alzheimer’s disease, Dementia and similar are risky conditions that may require constant supervision so home care may not be what the person needs to remain safe.
Home Care Costs:
If you think Home Care is the best solution for you, then some considerations about the specifics of your/your relative health conditions are needed: How much support you or your close relative require? Is it more crucial during night/daytime, weekends only or weekdays? The average cost for a carer is £15 per hour, that’s about £11,000 a year for a carer working 13-14 hours per week.
How can I pay for this so it doesn’t affect my budget
Good saving habits for your later years is the best way to get there financially strong, but if that is no longer an option, you can find ways to get as much money as you can to move towards home care or nursing home fund.
You can use that money to cover some expenses whether if you’re looking for a nursing home or if you prefer to stay in your house. Check whether you’re owed money which could be claimed and supplement your budget. Its highly advised to start contributing to your pension or personal retirement fund.
Either if you need a nursing home or home care, it is going to be costly. Keep in mind the help you can receive from local authorities to release some weight of that burden and most importantly, be aware of your health needs and requirements and how financially capable you are to meet them.