Commenting on the Department of Health figures that state one in four people mistakenly believe the Government will pay for all of their care in old age, Alex Edmans at Saga says, “These figures are incredibly scary and demonstrate how confusing this topic can be and a lack of understanding on the support available. Everyone has to realise that, in most cases, the state is not going to pick up the whole cost of an individual's care. One in two people, particularly those over 50), believe that the State should pay for the care needs for older people. Of these over 50s, half believe that as having paid taxes throughout their lifetime, the Government should provide support when they need it, and a quarter feel the Government should fund long term care as the State pension isn't high enough to fund care home fees .The stark reality is that anyone who requires care in a care home and has assets over £23,000, which can include property, will have to pay for their care in full themselves. With care home fees averaging at £24,700 a year, £35,100 a year if nursing is required, this does not come cheaply."
Long term care insurance: News update: 21/09/2009