The Costly Reality: Selling the Family Home to Afford Care Fees

Source: Express.co.uk

In an exclusive interview with Express.co.uk, Ian shared the heart-wrenching story of his father, Alan, who, before passing away in December 2021 at the age of 87, was compelled to sell the family home to meet the staggering monthly cost of £5,000 for nursing home care.

The average weekly cost of residing in a residential care home is £928, and for a nursing home, it’s £1,025 per week, according to recent research. Alan’s family spent approximately £450,000 on care home fees in just over five years, a significant financial burden augmented by a little assistance from the NHS.

Alan’s son, Ian, managing his parents’ finances with power of attorney, revealed that they never foresaw the need for nursing home care. Still, the sale of their retirement apartment provided funds to help cover the fees alongside their pension income. Ian acknowledged the financial volatility, stating, “If the stock market had taken a nasty turn, then potentially the money could have run out.”

However, there is a potential saving grace for those unprepared for escalating care costs—Continuing Healthcare (CHC), a service offered by the NHS covering 100 percent of a person’s care costs, irrespective of wealth. Unfortunately, NHS England’s recent statistics reveal a decline in people receiving CHC funding due to changes in assessment approaches and a stringent application process.

Many eligible individuals are wrongly turned down, leading to an increasing number of successful appeals. Alan, initially denied NHS funding, successfully appealed and claimed back £90,000.

Ian expressed frustration with the NHS assessment process, highlighting the wrongful denial despite his father’s condition. The family faced substantial nursing home fees of £50,000 per annum, amounting to around £350,000 to £400,000 for both Alan and his wife over five years.

Lisa Morgan, a partner in the Nursing Care Fee Recovery team at Hugh James Solicitors, emphasized the growing concern of future care costs amid an ageing population. Despite NHS CHC being a crucial funding source, eligibility has dropped by 20 percent since 2015, primarily due to lack of awareness and restrictive application of guidelines.

For more details, you can read the full article from Express.co.uk https://www.express.co.uk/finance/personalfinance/1840749/care-home-costs-nursing-pensioner