The Nursing Home Fees Association has released figures that the costs for immediate care plans is increasing rapidly. Their survey of a huge range of immediate care fees plans had shot up to £46,755 to buy a benefit that will pay for £1,000 pm care rising at 5% pa.
In addition it found that the average extra income needed by a pensioner to pay for care was around £1138 pm for all care with the most expensive being home care at an average of £1,236 pm.
Our view
Nursing care in older age is a reality. The fact is the Government expect us all to pay for some or all of our care if we have assets in excess of £20,000.
Visit Care Fees Adviser.com to see how you can plan for your care (if you ever need it) in later life. Failure to plan may mean that you lose your home or your pension income to pay for the care.