Are You Ready To Pay For Elderly Care?
How to pay for elderly care is one of Britain’s
most pressing areas!
It’s just not good enough to have a social worker or 'meals on wheels' coming in to see your parent(s) or grandparent(s) once or twice a day
for 20 minutes or less –they will just end up institutionalised in their own homes.
Are you ready for the truth about
Around one in three women and one in five men will
need long term care before they die, with the
numbers growing as people live longer.
Already seven million people live on their own in the UK.
Most of them are women, most of them are elderly.
The social worker is often the only person they’ll
see all day. For many days!
1.7 million MORE people are estimated
to require care in 20 years' time.
Research indicate that most older people actually want to live
in a social setting where they can enjoy activities, good
food and the occasional glass of sherry in
a pleasant environment.
That’s what the elderly are looking for!
So, who is going to pay for this kind of elderly care?
What are you going to do?
Are you going to help your lonely parent or grandparent to live their life out in relative comfort?
Of course you are!
The Cost of Elderly Care is Spiralling
Out of Control
In a recent report, NESTA (the National Endowment for Science, technology and the Arts) estimated that the 21st century healthcare market would be worth £47 billion in 2013, led by the ageing population
and demand for services for older people.
£47 billion in 2013!
This is an enormous amount. It is a real challenge!
It is clear, we are facing a looming crisis in the care of the elderly – and crucially, how to pay for elderly care.
Where is the money going to come from to pay for elderly care?
Of Course You Care About Your Parents And Grandparents
But . . . .
How are they/you going to afford to pay for elderly care in a top-notch care home such as the ones operated by Barchester Healthcare where the average weekly rental is almost £800 –or more than £40,000 per year (figures as per February 2010)?
Where is the £575 per week (almost £30,000 per year) going to come from to afford Barchester’s nearest competitor BUPA Care Homes, which itself is only £25 to £100 per week more expensive than the two other main elderly care home providers in the UK: Southern Cross Healthcare and Four Seasons Healthcare?
My five pence's . . .
I believe that individuals and their loved ones are best placed to decide what sort of care is best for them, their parents and grandparents.
The Conservatives, and so do I, favour a voluntary insurance scheme with an £8,000 premium which will enable people to protect everything that they've worked and saved for all their life.
The Tory proposals mean that no one is forced to sell their home to pay for their long-term care –something that Tony Blair promised to end 13 years ago.
More specifically, this also means that:
- individuals and families are looking out for those nearest to them,
- everyone has a contribution to make to the costs of care of the elderly, and
- it encourages also that people take more control over their lives.
What Does All This Mean To You?
I have no short or clear cut answer to this. But it is clear to me that the current welfare state will have to change. The pension and health care system as we know them today will most likely have to disappear as we simply cannot afford them any longer.
As an individual you need to make sure that you are well prepared for what’s heading your direction and that you are able to withstand the tumultous times ahead of you if you are going to (need to) contribute to pay for care for your elderly parents or grand parents and also want to retire comfortably yourself.
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