Are you considering moving into a care home but unsure about how much of your monthly payment covers utilities such as electricity? You’re not alone – many potential residents need clarification about this key detail. Understanding the portion of your nursing home payment that goes towards electricity costs is important when evaluating whether a housing option is within budget.
In this blog post, we’ll guide you through the process of determining what percentage of your monthly fee contributes to energy bills and answer common questions related to the cost and use of electricity in residential care homes. Visit utilitybidder.com for more information!
What Is Care Home: Types, Finances & Costs Rising
Different Types Of Care Home
Every residential care facility provides residents with a place to live and round-the-clock attention, but some homes also provide specialized care for those with more complex medical requirements. In addition, for-profit businesses, government agencies, or non-profit groups may operate health care facilities and services.
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Nursing Homes
Give them individual attention and professional nursing aid. Nursing care facilities are also known as care homes.
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Care Homes
Facilitate activities of daily living, including bathing, clothing, medication administration, and ambulation. The company may also provide social events, such as field excursions.
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Dual-Registered Care Homes
Take in residents who have a need for both personal care and medical attention. That person won’t have to move homes if they eventually require nursing care as well as the personal care they were receiving before.
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Care Homes With Dementia Care
Created specifically for the purpose of making those with dementia feel at ease.
Finances And Care Home
If your local council assesses your care needs and determines that you require a care home placement, they will conduct a means test to determine the amount of financial responsibility you have for your care. This will factor in both your take-home pay and any liquid assets you have, such as savings. The means test doesn’t consider some forms of income, such as disability benefits. Similar considerations apply to other forms of investment capital. All sources of capital and revenue are fair game.
Why Are Care Homes Costs Rising?
Many care facilities are increasingly under a variety of strains. While some institutions may be hit more than others, everyone will feel the effects of tighter budgets.
Pandemic
There is little doubt that care facilities in the UK were among the hardest hit areas during the pandemic. Many care facilities have battled to maintain going in the face of such a disastrous period, with considerable amounts being spent on PPE, testing, cleaning, and all the other concerns linked to Covid.
Administrators of residential care facilities are growing increasingly anxious about the potential impact of this unallocated portion of their budgets on future spending priorities.
Staffing
To begin, many care home workers have been affected by Brexit, either because their work visas have become invalid or because they have elected to return to their home countries. Some care homes have turned to agencies to supply workers to deal with a shortage of available staff, but the increased rates they pay negatively affect their budgets.
Electricity Bills
Energy is the main non-staff cost for many care home providers. However, care facility finances may come under additional strain as energy prices, which have already increased by around 54% over the same time last year and are expected to increase again in the fall, continue to rise.
Bear in mind that the rising cost of electricity is impacting not just nursing homes but a substantial section of the general population in the UK. But in areas with dense populations of the elderly, heating and caring for the most vulnerable residents can significantly boost monthly energy costs.
What Portion Of My Monthly Care Home Payment Goes Toward Electricity
This will depend on the care home in question and the tariffs in place with the local electricity company. Generally speaking; however, it is safe to say that around 10-15% of monthly fees go towards electricity costs.
It is important to note that some care homes have implemented energy-saving measures which have helped to bring down these costs in recent years. In cases such as these, the percentage allocated for electricity may be lower than what is stated here. Nonetheless, it is still a significant expense for care homes and should be considered.
At Utility Bidder, we provide information on how to get the best rates for electricity and other utilities. Visit our website, utilitybidder.com, for more information on how to save money on your monthly expenses.
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