Fears that the Costs of Care Homes are to Rise

In the recent years, United Kingdom has seen a decline in care home beds after the collapse of Southern Cross Healthcare, which shut down 750 care homes in the country. The National Health Service has been handling the fallout of the crisis since 2011, and experts predict the cost could rise of three billion pounds by 2020.

As a result, the cost of care homes has been steadily increasing in the last four years, making it difficult for residents to afford good healthcare and comfort living.

Now, if you are planning your retirement around this time, you must prepare for your future immediately. Given the financial meltdown that world is witnessing, you must start planning ahead of time so you can afford a good care centrewhen you need dedicated care.

Create a Care Home Fund

Since care homes are going to cost a bomb eventually, it is best to set aside funds for the same. If care homes are going to turn costly, it is because of private doctors doing routine checks up instead of in-house doctors.

In addition, if you want superior care, then you must be able to afford it. Treat the fund like you are paying an EMI for a new car and set aside a specific amount every month. Eventually, you will be able to afford a good home.

Identify a Good Location

Searching for good care homes is like searching for another house. The only difference is you are not responsible for its maintenance. Choose an upcoming suburban location. Shortlist some homes and visit each of them.

Find out the rates of each and question them about their future plans. There is a full possibility that the care home may be shut down by the time you are eligible to move in there.

Another factor you need to keep in mind is the proximity of the care centreto the nearest hospital and public transport. You should be able to access the nearest hospital in the time of emergencies and make it convenient for your family and friends to visit you.

Contingency Plan

If you plan to move into a care home once you turn 65, but if you require one before that age, then you must have a contingency plan. Hospitals are going to be expensive, healthcare is going to be expensive and labour is going to become limited. Therefore, you must set aside lump sum of money to meet these outflows.

Live Healthy Now

One of the reasons you need dedicated care in future would be because you failed to live a healthy life now. But, it is not late at all. Just start eating healthy, exercise regularly and ensure that you have work and personal life balance. It only means you are saving up a lot by ensuring you don't need a care home early in life.

Source : articlesbase.com