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Pensioner forced to sell family home to keep up with rising care home costs | Personal Finance | Finance

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Before passing away, Alan was forced to sell his family home in order to afford the £5,000 a month nursing home fee.

As care costs continue to rise, Britons are left scrambling to ensure they can cover these costs when things get hard.

Having spent the last five years of his life in a nursing home before he died in December 2021, aged 87, Alan had to sell his family home to afford the £5,000 a month nursing home fee.

Altogether, Alan’s family spent roughly £450,000 on care home fee’s in just over five years – with a little help from the NHS.

Alan’s son, Ian, spoke exclusively with Express.co.uk about Alan’s care before he died, and how they managed to afford the bill.

Ian said: “My parents never anticipated they would end up in a nursing home but they did save generally in their later life which helped fund their care.

“Their last home was a retirement apartment – when this sold I had all their money invested which generated a return to help cover the fees alongside their pension income.

“I had power of attorney and looked after their finances in the last few year – if the stock market had taken a nasty turn, then potentially the money could have run out.”

There is a saving grace for many who may not have adequately prepared for care costs down the line. It’s called Continuing Healthcare (known as CHC), which is a service offered by the NHS whereby they have to pay 100 percent of a person’s care costs, irrespective of their wealth.

Many people are eligible for this care but are being turned down by the NHS, who are incorrectly assessing them.

Recent stats by NHS England show a sharp decrease in people receiving CHC funding in recent years. This is due to a change in the approach to assessments alongside a very strict application process.

Due to wrongful assessments made by the NHS, more cases than ever are successfully being brought to appeal.

Alan was initially denied NHS funding. This assessment by the NHS was wrong, however, he was able to appeal this and claim back £90,000.

Ian continued: “My dad for the last five years was unable to communicate due to his condition – but I was at the initial NHS assessment meeting when his claim was turned down and I was furious with what happened.

“His social worker from Trafford offered little support and the same for the nursing home. You have to go through the assessment and pass a key number to succeed and he didn’t pass enough despite his condition and poor health.”

He explained this situation was tough as nursing home fees were £50,000 per anum and his dad spent five years there.

His mother was also in the nursing home for 2.5 years so “for both of them across that time in total it was between £350,000 to £400,000”.

Lisa Morgan, a partner in the Nursing Care Fee Recovery team at Hugh James Solicitors, said: “With an ageing population and the increase in care cost, future care is a real concern for thousands of people. Recent stats by healthcare analysts LaingBuisson show a sharp rise in care across the UK.

“The cost of care has increased by almost 10 percent in the past year, with some care homes reaching £10,000 per month. As a result, many people in care are running out of funds and having to sell their homes to afford the cost. However, what many are unaware of is the availability of full financial support.

“NHS CHC is a vital source of funding for many families across the UK who require long-term care from the NHS. Sadly, despite an ageing population, NHS England figures show the number of people eligible for funding has dropped by 20 percent since 2015.

“A lack of awareness of the funding scheme coupled with guidelines which are often forgotten or applied too restrictively, means a significant number of people who should be eligible are being turned down by the NHS.”



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Sensex Opens 265 Points Higher, Nifty Climbs 89 Points In Early Trade

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Mumbai:

The Indian equity benchmark indices opened higher on Friday amid positive global cues, as buying was seen in the IT, pharma and auto sectors in the early trade.

At around 9.27 am, Sensex was trading 265.3 points or 0.33 per cent up at 80,066.81 while the Nifty added 89.85 points or 0.37 per cent at 24,336.55.

Nifty Bank was down 222.85 points or 0.40 per cent at 54,978.55. The Nifty Midcap 100 index was trading at 54,980.80 after increasing 10.95 points or 0.02 per cent. Nifty Smallcap 100 index was at 16,903.30 after declining 60.20 points or 0.35 per cent.

According to market watchers, “after a positive opening, Nifty can find support at 24,200 followed by 24,100 and 24,000. On the higher side, 24,500 can be an immediate resistance, followed by 24,600 and 24,700.

“The charts of Bank Nifty indicate that it may get support at 55,000 followed by 54,700 and 54,500. If the index advances further, 55,500 would be the initial key resistance, followed by 55,800 and 56,200,” said Hardik Matalia, Derivative Analyst of Choice Broking.

Meanwhile, in the Sensex pack, TCS, Tata Steel, Maruti Suzuki, Eternal, ICICI Bank, SBI, HDFC Bank, Infosys, M&M and Tata Motors were the top gainers. Whereas, Axis Bank, Tech Mahindra, Nestle India and IndusInd Bank were the top losers.

In the last trading session, Dow Jones in the US added 1.23 per cent to close at 40,093.40. The S&P 500 climbed 2.03 per cent to 5,484.77 and the Nasdaq added 2.74 per cent to close at 17,166.04.

In the Asian markets, Jakarta, Bangkok, Seoul, Hong Kong, China and Japan were trading in green.

According to analysts, US markets extended their rally on Thursday as investors snapped up hard-hit technology stocks, helping boost the S&P 500 out of correction territory.

The foreign institutional investors (FIIs) bought equities worth Rs 8,250.53 crore on April 24. However, domestic institutional investors (DIIs) sold equities of Rs 534.54 crore on the same day.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)




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Sensex Falls Over 1,000 Points Amid Tensions Over Pahalgam Terror Attack

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Mumbai:

Indian equity markets are trading in the red as tensions soar between India and Pakistan over the Pahalgam terror attack in Kashmir. Sensex, the 30-share BSE benchmark, has crashed over 1,000 points and is now trading below the 79,000-mark. Nifty, the NSE index of 50 shares, fell below 24,000 points.

The markets went up in early trade, driven by a global rally and fund inflows, but the momentum got lost thereafter, and it gave up the initial gains.

The markets are also upset by unimpressive March quarter earnings by Axis Bank, the third-largest private sector bank of the country. The bank’s shares have fallen 4.65% after reporting a decline in quarterly profit from Rs 7,130 crore in the year-ago period to Rs 7,117 crore.

Besides Axis Bank, major laggards include Bajaj Finance, Bajaj Finserv, Tata Motors, and Tech Mahindra. On the gaining side are TCS, Infosys, Reliance, HCL Tech, HDFC Bank, and ICICI Bank.

At least 26 civilians were massacred by terrorists in a tourist hotspot known as ‘Mini Switzerland’, leading to both countries pulling out their diplomatic staff and suspending visas issued to the other nation’s citizens. (Follow live updates here)

The latest flare-up at the Line of Control was speculative firing by Pakistani troops, which is being seen as an attempt to provoke the Indian side. Indian troops retaliated effectively against the firing from multiple Pakistani posts.

As Indian equities braced for the impact, global equities, including the Asian markets, were charting in the positive territory. South Korea’s Kospi index, Tokyo’s Nikkei 225, Hong Kong’s Hang Seng, and Shanghai SSE Composite were all in green.

Similar trends were seen in US equities, too. Last evening, Nasdaq Composite closed 2.74 per cent higher. S&P 500 jumped over 2 per cent and Dow Jones Industrial Average surged 1.23 per cent.





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Sensex, Nifty Decline After 7-Day Rally Amid Profit-Taking

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Mumbai:

Equity benchmark indices Sensex and Nifty declined in early trade on Thursday amid profit-taking after a seven-day rally and muted trend in Asian markets.

The 30-share BSE benchmark declined 242.01 points to 79,874.48 in early trade. The NSE Nifty went down by 72.3 points to 24,256.65.

In the past seven trading days, the BSE benchmark gauge zoomed 6,269.34 points or 8.48 per cent and the Nifty jumped 1,929.8 points or 8.61 per cent.

From the Sensex firms, Eternal, Bharti Airtel, ICICI Bank, Mahindra & Mahindra, HCL Technologies, Reliance Industries, and HDFC Bank were among the laggards.

IndusInd Bank, Tech Mahindra, Nestle, Bajaj Finance, Axis Bank, and Tata Motors were among the gainers.

In Asian markets, South Korea’s Kospi index, Shanghai SSE Composite, and Hong Kong’s Hang Seng were trading lower while Tokyo’s Nikkei 225 quoted in the positive territory.

US markets ended sharply higher on Wednesday. Nasdaq Composite jumped 2.50 per cent, S&P 500 surged 1.67 per cent and Dow Jones Industrial Average climbed 1.07 per cent.

Global oil benchmark Brent crude climbed 0.12 per cent to USD 66.20 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth Rs 3,332.93 crore on Wednesday, according to exchange data.

The BSE benchmark jumped 520.90 points or 0.65 per cent to settle at 80,116.49, the highest closing level since December 18, on Wednesday. The Nifty rallied 161.70 points or 0.67 per cent to 24,328.95.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)




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