We use cookies to give you the best experience. By continuing to use this site, you are agreeing to our policy. Read more about how we use cookies and find out how you can change your browser's cookie settings.
Skip to content
Please donate

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

Published on 29 March 2012 01:30 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

Share this page

Last updated: Dec 05 2018

Become part of our story

Sign up today

Back to top