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