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The funding for state or public healthcare provision is inadequate and disjointed with different decisions being made in different parts of the country and with different rules in England, Wales and Scotland. The recommendations of the Dilnot Report published in 2012 have not been implemented by government and it is unlikely that we will see signi cant change in the remainder of this decade. The Dilnot recommendations while addressing the future funding of care have been severely questioned by those working in the care industry, many of whom have concerns as to whether they will result in a general lowering of standards
The average cost of looking after a member of a religious institute who is t and healthy is between £15,000 pa and £25,000 pa depending on circumstances
The average cost of providing care in a residential home now exceeds £35,000 per year and nursing care homes now typically charge in excess of £55,000 per year with costs rising still further for specialist dementia care – in some cases in London and the South East costs can be as high as £80,000 plus
To provide £20,000 per annum for a sister of 70 years for the rest of her anticipated life requires a typical investment of approximately £250,000. Hence, to provide for 25 such sisters would require a typical investment of £6.25 million
To provide income of £55,000 per annum for a sister of 78 for the rest of her life requires a typical investment of approximately £500,000. Hence, to provide for 10 such sisters would require a typical investment of £5 million
The above statistics serve only to emphasise the importance of nancial planning referred to earlier in this chapter. The following action plan is recommended when planning the costs of caring for older members:
Ÿ Complete the nancial planning checklist set out in this chapter
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