Long Term Care Statistics: How Much Do You Know About It?
There is certainly a need for long term health care but with government figuring out the revenue sources to fund it, long term care planning is necessary to balance long-term care benefits with long term care cost. For this reason long-term care companies have offered long-term care management, particularly for long-term care of the elderly. A study was prepared by the Personal Social Services Unit at the LSE and the Nuffield Community Care Studies Unit at the University of Leicester and used the latest population estimates and projections to come out with these long term care statistics.
Of the 1.2 million people in care, most are elderly. 1:5 of those over 85 live in a care home. 1:3 people in care pays for it. There are 486,000 in care home places but the numbers are reducing. More people are being cared for in their own home. The cost of long term care rises every year above inflation. The weekly cost of private nursing home is £455, a private residential home, £329. These updated long term care statistics have often been cited after overblown, unsupported accusations of government bungling of the public health care funds for the future.
The latest population projections from the Government Actuary's Department show people aged 85 and over will grow from 1.1 million in 2000 to 4 million in 2051 (255%). Long term care statistics have shown that the 'elderly support ratio' - the population of working age divided by the population of pensionable age – will fall from 3.10 in 2011 to 3.09 in 2021 and 2.53 in 2031, before falling below 2.2 in the 2050s and levelling off by the rise in the state pension age for women between 2010 and 2020.
Long term care statistics have shown that to keep pace with these demographic pressures, occupied places in residential care homes, nursing homes and hospitals would need to rise from around 450,000 to around 1,130,000 in 2051. The number of home care hours would also increase, from 2.0 million/week in 2000 to over 4.8 million/week in 2051.
Long term care statistics have figured out total expenditure on long-term care for elderly in the UK at £12.9 billion in 2000 by NHS and social services, plus private spending on user charges and purchased care. About £9.8 billion related to care costs, and £3.2 billion to 'hotel costs'.
Allowing for real rises in care costs, long term care statistics have shown – 1% a year for social care and 1.5% for health care - would involve an overall increase from £12.9 to £53.9 billion in 2051. But while spending would increase over four times by 2051, the economy is also forecast to expand. Assuming GDP grows by 2.25%/year, long-term care cost would rise from 1.37% of GDP in 2000 to 1.83% in 2051. The share of long-term care cost met publicly is projected to fall from 68% in 2000 to 66% in 2051, mainly due to projected increases in home-ownership.
Planning for the future is crucial as long term care is essential to ensure that you have a safe and sounding life some 20 years from now. Get your FREE long term care advise from www.porterbrown.co.uk
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