New research from Saga Personal Finance, reveals that over 50s drastically underestimate the potential cost of long term care for themselves or their loved ones.
The Saga Populus panel, the largest research panel of over 50s in the UK, has discovered that one in four of those questioned incorrectly believe that the £25,000 cost of a years fees at the prestigious school would be more expensive than the same amount of time in a UK nursing home. These shocking figures expose the huge financial burden looming over Britain’s over 50s as they face the cost of organising long-term care for their elderly relatives.
The Saga Populus poll asked people if they thought a year's long term care would cost more or less than a year's schooling at Eton.
Long Term Care in the UK can cost as much as £75,000 per year, the average is £32,000 per year.
One in four of those aged over 65 will require some form of long term care.
The study reveals particular confusion over NHS contributions towards long-term care, with a third of over 50s believing that the NHS will pay nothing towards the cost of long term care. If you are receiving your care in a nursing home then you will almost certainly be entitled to the nursing contribution which can range from £ 2,080 to £ 6,916 a year. For those with complex and unstable medical conditions it is also possible that you may qualify to have all of your stay in a nursing home met by the NHS.
Few people think about funding long term care until the last minute when they are faced with a relative who needs immediate care and, as this research shows, the cost then comes as a shock.
Saga has a free advice line and comprehensive free guide to paying for long term care. Both are available by calling 0800 0568152.
Long term care insurance: News update: April 2007