Research by the Centre for the Modern Family uncovers a worrying trend among its participants
Rather worryingly, The Times is today suggesting that ‘most adults (are) unprepared for care costs’ – their article which is based on research undertaken by the Centre for the Modern Family, a think-tank set up by the life insurance company Scottish Widows also states that the majority of people “have not made any plans to pay potential care bills or have even discussed it with relatives, and most dramatically underestimate the full costs.”
The average care home costs of a nursing home in England and Wales is more than £800 a week, or £41,600 a year. However, the costs can far exceed even these figures and from client feedback we, at Compass CHC, are aware that weekly fees in excess of £1,000 are not uncommon.
The ‘Cost of Care’ report also identified that “a lack of understanding of the benefits system could also be problematic for many. Almost one in four people (24%) claim they would need, or expect, to rely entirely on state support, but two in five (42%) admit they don’t actually understand what benefits – both practical and financial – they would be entitled to.”
The report raises serious concerns about the lack of clarity and understanding amongst the public surrounding later life care, the costs involved and the funding (or lack of) available to them from the state, the NHS or other avenues.
It should be noted that in some circumstances, namely if you have a primary health need, the NHS will pay for the cost of your care in full – this is called NHS continuing healthcare so it is worth taking time to understand this complex area of funding by speaking with a specialist company like Compass CHC.
NHS continuing healthcare (or NHS CHC) is free healthcare provided by the NHS to individuals who have significant and ongoing healthcare needs. This package of care can be received in any setting outside of hospital including care homes, hospices or even within your own home. To be eligible for NHS continuing healthcare funding (also known as NHS CHC), it must be established that your need for care is primarily health related. Additionally, this need must be assessed as complex, substantial and ongoing.
If you- or a loved one – has significant ongoing health needs we, at Compass CHC, can help you obtain NHS continuing healthcare funding. Complete our free, confidential assessment today and an expert member of our team will contact you for a no obligation discussion to outline your options
Author: Tim Davies LLB