Rising Cost Of Care Will Erode Pensioners Wealth

old age home

old age home (Photo credit: jaded one)

A joint report from the Department of Health, Department for Work and Pensions and Department for Communities and Local Government will warn this week that a rising number of elderly people face losing “almost all of their wealth” to pay for social care. The report warns that the country may not be able to afford to fund a £35,000 cap on care costs amid a rapidly expanding population. The submission notes that by 2030, the number of pensioners is forecast to rise by 51%, while the number of disabled older people is expected to increase by 61% to 4m. The Government predicts that these rises will lead to unprecedented pressure on the NHS, councils and the state pension system. As a result, the report estimates that number of older people forced to rely on families and friends for help with care costs will double by 2030.

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Five Star Ratings Mean Premium Fees For Care Homes

Nursing Home

Nursing Home (Photo credit: LOLren)

According a recent article provided by the BBC certain care homes that reach the standards essential for the type of care expected by the care regulator!

Will receive ” Premium Fees ” for care in their homes.

As the ” The Care Quality Commission ” {CQC} stopped issuing its own ratings in 2010 and homes are not reaching this essential standard some have taken to awarding themselves their 5 star-ratings by opting to carry-out their own ratings provided by their contracted ratings companies and consultants.

This allows these homes to show they are rated to provide essential standards and at the same time reach higher fees, leaving the elderly and vulnerable unable to know whether this home is up to standard.

#bbc, #home-care