Latest figures compiled by charity Age UK indicate that across the country the average weekly residential care home cost was £504 in 2010/11. Five years ago the cost was around £412 per week which means they have risen by more than 31% in five years.
Nursing homes have risen from £585 per week to £694 per week -up 19%.
Director General of the over 50’s group Saga ,Ros Altman,said : ‘Because these care home fees are rising faster than inflation, more of people’s assets will have to be used to pay for care- meaning even more people will be tipped over into having to sell their homes. She added ‘one in three women and one in five men aged 65 is likely to end up in a care home for an average of two years’
This then is another good reason for considering a Property Protection Trust Will or a Lifetime Property Protection Trust in order to preserve your property asset for the benefit of your loved ones.