This new analysis from Royal London has found that the typical person entering residential care in later life will face total bills between £50,000 and £93,000.
This of course all depends on where the person lives, which largely determines the cost of residential care.
Because of variations of house prices across the UK, this total cost of care represents anything from 18% to 56% of the value of an average house.
Royal London found that residents in the North East of England, where the average house price is a little under £129,000, would lose 56% of the value of their home following an average 30 month stay in a residential care home at a cost of £554 a week.
In London, where care costs are higher but so are average property prices, fees of £666 a week would only eat up 18% of the value of an average £484,000 home.
Debbie Kennedy, Head of Protection at Royal London, commented on this analysis saying the whole care funding system is a lottery and better ways of supporting the cost of care in later life need to be found.
There seems to be growing pressure on the government to address the current social care funding crisis and come up with solutions that are fair for everyone in society.
“These figures are a shocking reminder of the huge costs which growing numbers of us will face if we need residential care later in life. Even an average stay in a care home can eat up half the value of your home, depending where you live in the country. The whole system is a lottery and we need to find better ways of supporting people to cope with these large and unpredictable bills”.