“The cost of a room in a care home, presently about £750 a week, will be £1,000 a week by 2020, experts warn.
However, with Britain facing a nationwide care funding crisis, even that figure could soar.
“A report by the Care Quality Commission (CQC) last week found services for the elderly were nearing breaking point.
The care watchdog warned of a wave of home closures if staff and funding gaps are not filled, adding that in the past six years 1,500 homes had closed.
The firms running care homes will try to plug the gap by raising fees, experts say. Valuing Care, a respected care fees analyst, predicts they will rise 8 per cent a year ‘for the next decade’.
That would mean the average fee reaching £1,020 a week by 2020, or £53,040 a year and that accounts only for a place in a residential care home. Fees for elderly people needing specialist medical care may be even higher than that.
Most people will have to pay this themselves as local authorities currently cover your care bills only if you have less than £23,250 in savings, investments, properties and other assets (£26,250 in Scotland and £24,000 in Wales).
… Most people think a care home stay will be relatively short but the typical stay is eight years.”