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Over-65s 'don't know cost of care'

Published on 29 March 2012 12:30 PM

A new report has found that almost half of over-65s do know how much money they will need to pay for their care in old age.

The survey by equity release specialist Key Retirement Solutions revealed that 35% of older people in the UK think long-term care costs are capped at £20,000.

However, current legislation states that everyone in England who has financial means of more than £23,250 will have to pay for all of their own care, even though the Dilnot Report said contributions should be capped at £35,000.

Caps of £50,000 or £60,000 have also been suggested.

An increasing number of people are expected to need care in the future as overall life expectancy is currently growing at a faster rate than healthy life expectancy.

Dean Mirfin, a director of Key Retirement Solutions, said: 'The worry is that thousands of retired people are heading for a nasty shock when they should be preparing for the possibility of having to fund long-term care.'

Copyright Press Association 2012

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Last updated: Dec 05 2018

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