A nationwide survey, conducted by Lifetime Care, of 1140 private nursing homes homes has revealed that 73% expected to raise fees. 20% were considering closure due to their growing financial burden.
A spokesman for Lifetime Care said that it is often cheaper to move into a home, rather than stay at home. More and more homes will have to be sold to pay for care, if people do not make provision for their nursing care.
The spokesman added that fewer homes will be able to stay afloat in the future and there will be higher fees. It is therefore vital that people think long and hard about long-term care.
The spiralling costs may be difficult or impossible to finance - the average annual fee for a nursing home today is more than £20,000.
The survey found that 90% of private nursing homes expected their numbers to diminish over the next two years. 60% of those surveyed felt that the government should increase their funding levels, while 14% said that the government should reduce the amount of red tape the sector faces to help the market.
Why should you care now about the costs of care? You may have to sell you home in later life to pay for that care!
We have a web site totally dedicated to the issue of care fees. care Fees Adviser.com.
Why not try our calculator - the Property Decumulator to see how long your home would last if you needed to go into a home?