A new study suggests that the average cost of care home bills could soar to almost £70,000 a year by 2035.
Think tank CEBR has found that the annual costs for nursing homes have jumped 3.8 per cent in the past 12 months alone, with individuals typically paying £39,300.
For residential homes – catering for more independent residents – there has been a more modest rise of 2.4 per cent, with the average annual bill now standing at £29,300.
The dramatic rise in costs has been a cause for concern for a number of years, with previous analysis confirming that the cost of care has risen by well over 200 per cent since 1988.
There are fears that the bills will continue to rise dramatically over the next 20 years, with the imminent introduction of the National Living Wage expected to accelerate the increases.
Even as it stands, state pension payments only cover a fifth of the total cost of moving into a care home.
The rather alarming forward projections are likely to pile fresh pressure on the Government to address the escalating care crisis and implement the cap in fees that was recently postponed.