A report by the Chartered Insurance Institute entitled "Who cares?” highlights that people remain unaware of the real cost of long-term care and the necessity to make personal provision to meet this cost.
The current average long-term care bill is £26,000 a year and the average length of stay in a care home is two years- creating an average care bill of £52,000. The current average pension provides an income of only £10,000, leaving a huge annual deficit.
David Thomson at the CII says, " People have no idea how much their long-term care will cost and are unlikely to make any provision to meet that cost. Even more worrying is that 50% think long-term care is entirely free at the point of use. The reality is starkly different."
Long term care news: 16 September 2011