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Calculating the Cost of Care

It’s never too soon to start to have conversations about later life care with your loved ones. Having the discussion, understanding the options, not only helps with long-term planning but also means that should the time come when later life care is required, you already know your loved one’s wishes.
The Care Quality Commission (CQC) has plenty of information on its website about the types of care available alongside individual reports on care providers. Adding to the information pool, the BBC has now released a handy guide to the provision of care across the UK. This covers areas such as care costs, residential accommodation costs and council assistance broken down by council area.
For example, in Devon the BBC reports that on average, homecare will cost £19.70 per hour with the average cost of council funded residential care being £655 per week. However, the report highlights the fact that the cost of self-funded care is on average 46% higher than council funded care and even with council funded care, individuals on average contribute £237 per week. Four in ten of those living in care homes in Devon pay for their own care.
If you’re looking for advice on funding long term care, or if your situation has changed and you may therefore need to review your existing investment portfolio, contact Beckworth by using one of the links on our website.