January 3, 2011:
MP's warn that the cost of caring for people with dementia is expected to rise by more than a third over the next eight years. It is thought that currently dementia care cost the UK economy around £20bn a year, including NHS, social care and carers' time.
With such huge costs hitting the dementia care sector families may also start to struggle with funding dementia care for their loved ones.
P S P Healthcare, the award winning operators of Hatherleigh Nursing Home near Okehampton, have a special £1m fund to assist with the ever increasing cost of providing nursing and dementia care for the elderly.
Wayne Shermon, Operations Director, told us “Our founders recognise that the costs of nursing care can be very high and often cause additional stress for families and supporters. They have therefore set up a special fund which can be used to subsidise the cost of providing nursing care.”
The average cost of providing nursing care for an elderly resident with dementia is around £700 per week, Mr Shermon informed us. However Devon County Council currently only pay £536 per week.
Mr Shermon went on to say that “the cost of caring for those with dementia has increased significantly over the past few years, but government funding has not caught up with this. We have been working closely with the P CT and Devon County Council to ensure that those requiring our specialist services are able to do so by taking advantage of our subsidy fund.”
Over 700,000 people are estimated to be suffering from Dementia in the UK and this figure is estimated to triple in the next ten years.