Finance

Shocking figures reveal true cost of social care

Care home residents could spend up to 50% of the value of their home on care

Calls are being made for "urgent action" after a new study reveals just how much residential care could cost. 

New research from Royal London has shown that the average person in residential care could see up to 50% of the value of their home swallowed up by care costs. 

Differing house prices across the UK mean this figure varies from 18% to 56%, with people in the North being worst affected due to lower house prices. 

For example, the average house price in the North East of England is just under £129,000, and the stay in a residential home (30 months) costs £554 per week, which would eat up 56% of their property value. 

Camberford Law have had a specialist scheme for Care Homes

Care Homes

“The Care sector is an important part of society, the ability to look after the least fortunate or those in need of assistance of any kind is a cornerstone of this countries approach whether palliative, age related, mental illness through to those that have been left incapacitated by any means. The Insurance market has traditionally supported this sector and Camberford Law have had a specialist scheme for Care Homes for over 15 years and been involved in various guises for longer than that.

South Wales nursing home sold to new entrant into market

South Wales nursing home sold to new entrant into market

A south Wales nursing home has been sold to a new entrant into the care market.

 

Represented by Douglas-Jones Mercer (DJM) solicitors in Swansea, Talbot Court Nursing Home in Port Talbot was sold by Christie & Co to Carehart Ltd.

 

The home had a guide price of £1.5m and was sold for a large but undisclosed sum thanks to a funding package provided by Barclays.

 

New directors Ashraf Hameed and Dr Hasan will oversee the day-to-day operations after owner Wendy Morris retires following 25 years at the helm.

 

While Carehart Ltd. is a new entrant to the care market in south Wales, its directors bring over 30 years of experience within the health care sector including experience in managing care homes.

 

A simple guide to care home insurance

We explain the features, exclusions and optional covers that are usually found in this type of business insurance to help care homes to understand the specialist cover they need. From public liability and contents insurance to the more specific care industry covers like medical malpractice insurance - find out what you need to make sure your care home insurance is right for you.

Specialist policies for care home service providers, hospices, care villages and many other care providers are available too.  Visit www.towergateinsurance.co.uk/care-and-medical-insurance  

How the EU Referendum Result might affect the NHS and Care Sector

The King's Fund released a paper this month about the main possible effects that Brexit could have on the NHS and the care sector.

In brief, the ones that will have most impact on the care sector are:

Staffing - as I have mentioned already, it's well known that the NHS is struggling to recruit and retain staff across the sectors and it's the same in the care sector. Approximately 80,000 of the 1.3 million works in Adult Social Care are from other EU countries. The King's Fund is suggesting that certain occupations are added to the Migration Advisory Committee's shortage occupation list however, this is not likely to include unskilled care workers and this will need addressing.