Saga: Long-term care bills set to double
www.moneynews.co.uk > General finance > Saga: Long-term care bills set to double
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Money News |
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Saga: Long-term care bills set to double
Mon 18th Feb 2008
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The average cost of a four-year stay in a care home is likely to double from £112, 312 to £223,476 over the next 20 years, according to research released today from Saga.
Saga has worked out the figures by looking at increasing inflation and rising care home fees.
Currently 17 per cent of people aged over 85 require long-term care, which can be a huge financial burden, particularly when the average cost of a house today is £181, 810.
As life expectancy continues to lengthen, it is likely that a growing number of people will require care in the future.
The chief executive of Saga Group, Andrew Goodsell, suggested that "those already paying for care, or those planning for the future ensure they take advice from a fully qualified adviser".
He warned that the consequences of having to resettle an elderly person from a care home because money runs out can be "devastating".
An investigation conducted by Saga last month revealed that the UK's best-off retirees are those in their 80s who are living off company pensions, having worked up to the standard state retirement age.
Related News : General finance |
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Related News : Saga |
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