The cost of residential care is widely underestimated
A new survey has revealed the majority of people in England and Wales significantly underestimate the cost of care home fees.
Care annuity provider, Partnership, conducted 1023 online interviews with residents aged over 45 from a range of regions plus a further 100 with people aged 75 and over, asking them how much they believed residential care costs.
Londoners proved to be the most inaccurate, on average underestimating the cost of care by 18.7 per cent (£6,652). They were closely followed by residents in Yorkshire and Humberside who thought residential care would cost 13.6 per cent less than it would in reality.
People living in the East and South West of England were the most accurate, with the South West, on average, overestimating by 0.19 per cent.
Care home fees for residents in the capital cost more than a luxury worldwide 365-day cruise, on average charging £35,516 per year. It is therefore easy to see how paying for long term residential care can have a dire effect on family’s savings and assets.
However many families have had to pay care homes fees which should have been funded by their Primary Care Trust, due to either an inaccurate assessment of the patient in care or no assessment at all.
If a patient requires residential care for a health reason, such as Alzheimer’s, dementia or after suffering a stroke, their care home fees are eligible for full funding by the NHS Continuing Care scheme, regardless of personal wealth.
This means anyone who has paid or is paying care home fees for a patient with a health need could be entitled to reclaim these charges. However for the majority of cases the deadline to start your claim is 30 September so it is essential they contact Goldsmith Williams as soon as possible before their chance is reclaim care home fees is lost.
Content correct at time of publication