New calculator reveals the cost of living in a residential care home vs ‘age-proofing’ your current home
• Analysis reveals it’s 65% cheaper to ‘age-proof’ your current home than it is to move into a residential care home
• It’s 28% cheaper to age-proof your home and receive five years’ at-home nursing care than it is to move into a residential nursing home for five years
• The South East ranked the most expensive UK region to move into residential care (whereas Northern Ireland is the cheapest)
• 87% of over-65s want to grow old independently in their own home, according to survey
Population forecasts predict that the number of over 67-year-olds in the UK will grow by over 30% between 2016 and 2041(1), making it more important than ever to ensure we prepare for our needs in old age.
Whether this takes form in downsizing to a retirement village or moving into a residential nursing home, there are several options available. But not all are suited to what the UK’s over-65s actually want – a study conducted on behalf of Mira Showers found that 87% would rather grow old independently in their own home (2). However, some adjustments may be required to adapt our homes for later life.
The survey of 1,000 over-65s also found:
• 75% would most appreciate assisted-living products in the bathroom.
• 73% agree that brands don’t do enough to marry functionality with style, and are put off by overly clinical products
• 70% prioritise style over function when it comes to adapting their homes to be suitable for their needs in later life.
• 1 in 5 admitted the thought of ‘age-proofing’(3) their home with items such as grab rails and mobility aids sent alarm bells ringing regarding costs.
To help the aging population and their relatives find a cost-effective option that works for them, a new calculator has been launched that compares the cost of living in a residential care home(4) versus the approximate cost to prepare their existing home for later life.
When scaling residential nursing care costs over 5 years (and accounting for 3% fee rises in line with inflation), analysis shows it is 28% cheaper on average to receive full-time care at home and benefit from investing in ‘age-proofing’ solutions, no matter where you live in the UK.
Matt Herbert, Senior Market Analyst for Mira Showers said: “This calculator changes the game for the aging population. For many, growing old at home seems like a pipe dream. But in terms of costs, it could actually work out better for them in the long run. This tool puts the choice firmly back into the hands not only of those who want to stay at home, but also those who haven’t been able to get the care home place they wanted.”
Roland Boal, Lead Industrial Designer at Mira Showers said: “Brands across the globe have spent vast amounts of money on research and development to develop products which improve living for those less-abled which is fantastic, but now that the fundamentals of those designs are in place, it’s time we started putting more care and attention into the style of these products. Our research has clearly shown that over 65s in the UK still have an eye for design and a desire to keep their home their haven.”
Readers can discover what options are best suited to their needs and budget by using the Cost of Care calculator
For sources, footnotes, and a regional breakdown of how the cost of 'age-proofing' existing homes compares to living in a residential care home in your area, please see the table in the attached press release.
For more information, please contact Olivia Martin at olivia.martin@iprospect.com or on 02074922828.
About Mira Showers:
Founded in 1921, Mira Showers is the UK’s leading manufacturer of mixer, electric, power and digital showers. The entire range of showers and accessories, such as taps and shower trays, use stylish design and innovative technology to deliver a high-performance showering experience in every price range. Mira is owned by leading American bathroom manufacturer Kohler Co. Mira shower products are available in retailers nationwide, including B&Q, and can be found in one in four homes in the UK.
Mira Showers have now proved they are better by design by winning both an iF and Red Dot Award with the high design quality of the Mira Mode digital shower.
Note to Editor:
1. ONS National Population Projections: 2016-based statistical bulletin.
2. 1,000 over 65-year-olds from across the UK were surveyed in May 2018 on behalf of Mira Showers.
3. ‘Age-proofing’ may include installing a stairlift, purchasing a riser chair or re-doing the bathroom.
4. Regional average figures for residential care home costs with/without nursing from LaingBuisson’s Care of Older People UK Market Report 29th Edition 2018.
5. Basic ‘age-proofing’ costs reflected in the calculator include:
- Average cost of an adjustable double bed (2,200.00 GBP)
- Average cost of a riser chair (899.00 GBP)
- Average bathroom installation costs for each UK region (quoted by local installers - actual installation fees vary depending on installer chosen)
- The following bathroom products from Mira Showers’ Independent Living range:
a) Mira Vision Flex (843.36 GBP)
b) Flight Safe Shower Tray (111.72 GBP)
d) Leap Divider Panel (280.00 GBP)
e) Shower Seat (178.49 GBP)
f) Grab Rail (110.26 GBP)
Hi-res images of these products are available to download from Dropbox here. The calculator also gives the option for users to include average costs for fitting non-slip flooring (336.76 GBP) and stairlifts (3,475.00 GBP) if required.
6. Actual residential care home costs depend on the specific care home chosen, the type of care required, the specific care home’s annual fee increase and how long care is required for.
7. The calculator includes full-time and part-time nursing care options for both at-home and residential care home living. The five-year figure for both options includes a 3% annual fee rise to account for inflation.
8. Calculator results are indicative and for guidance only.
