Care Costs Have Risen by an Average of 57% in the Past 5 Years

OXFORD, U.K. - June 5, 2024 - PRLog -- TrustedCare has carried out a study comparing the shift in weekly residential and nursing care fees over a 5-year period from 2017 to 2022. The online directory and referral platform of UK care services hold price data on 4,570 Care Quality Commission (CQC) regulated care homes, nursing homes, and home care providers. Their findings show that residential care costs have risen by an eye-watering average of 57% over the past 5 years for individuals who are funding their own care. In 2017, the average cost of residential care quoted for a privately funded individual was £694 per week, while it now stands at £1,090 per week. Unsurprisingly, nursing home fees have also risen by an average of 33% from £928 in 2017 to £1,233 in 2022. The COVID-19 pandemic and recent inflationary pressures have seen many care home providers increase their prices more frequently, and at a higher rate than before the pandemic. In 2022 due to rising energy costs many care providers increased their fees at 6-month intervals rather than annually to ensure their services remained viable. Individuals who are funding their own care carried these costs as Local Authority fees did not rise at the same inflationary rate. Where have residential and nursing home costs risen the most? The North West has seen the biggest increase in residential and nursing care fees with a 69% upsurge in residential fees and a 41% increase in nursing fees. The region, comprising counties Cheshire, Cumbria, Greater Manchester, Lancashire and Merseyside has seen average residential costs rise from £590 to £999 and nursing costs rise from £809 to £1,144 between 2017-2022. TrustedCare carried out another study observing how the quality of care has changed across the UK over the past 5 years; this showed that the average number of care homes and nursing homes in the North West rated as 'Good' or 'Outstanding' by the Care Quality Commission (CQC) remained at 76% between 2017-2022. The South East comes in second with a 63% increase in residential care costs followed by the West Midlands with 61%, East Midlands with 57% and Greater London with a 56% rise. Although the average cost of care in Greater London has seen the smallest average increase, the cost of care in the region is still the highest in the UK. Residential care costs an average of £1,347 per week & nursing care costs an average of £1,465 per week in the county. https://www.trustedcare.co.uk/