The Partnership Care Index says that 41% of people between
45 and 85 say that they would need to fund long-term residential care by
renting or selling their property.
Property was the 3rd highest payment method among the
respondents, behind the State funding their care and pension income.
Only 4% would use an insurance policy for long-term care.
The Partnership Care Index conducted 1023 online interviews
with consumers aged over 45, including 100 interviews with those aged 75 and
over, to measure attitudes towards long-term care across the UK.
If you went into residential care at some point in the
future how do you think you might pay for it?
Selling your home
Income from savings and investments
Renting home out
An insurance policy for long-term care
Chris Horlick of Partnership says, “The view that property
is likely to be a key source of funding for any care costs is becoming more
widespread. As costs of long-term care increase more retirees are struggling to
find methods to fund care aside from utilising assets such as property.”
Long term care news: 10 May 2012