New research released today by Saga Personal Finance, revealed that over 50s drastically underestimate the potential cost of long term care for themselves or their loved ones.
The Saga Populus panel, the largest research panel of over 50s in the UK, has discovered that one in four of those questioned (25%) incorrectly believe that the 25,000 cost of a years fees at the prestigious school would be more expensive than the same amount of time in a UK nursing home. These shocking figures expose the huge financial burden looming over Britain's over 50s as they face the cost of organising long term care for their elderly relatives.
Paying for long term care can, at first glance, appear to be a complex and emotive issue but Saga comments "An experienced adviser can cut through the confusion in seconds so that you know what your position is, what you’re entitled to and what your options are."
The study reveals particular confusion over NHS contributions towards long term care, with a third of over 50s (33%) believing that the NHS will pay nothing towards the cost of long term care.
"If you're receiving your care in a nursing home then you will almost certainly be entitled to the nursing contribution which can range from 2,080 to 6,916 a year. For those with complex and unstable medical conditions it is also possible that you may qualify to have all of your stay in a nursing home met by the NHS."
"We often find that many people don't think about funding long term care until the last minute when they are faced with a relative who needs immediate care and, as this research shows, the cost then comes as a shock. However, it's important to remember that there are many options available to people in this situation and they should never just assume that they will have to foot the entire bill themselves. Saga can offer free advice and full state benefit analysis to guide people through the maze of long term care funding.
It's vital that people seek independent, specialist financial advice before they do anything else, as this could mean the difference between having to dip into those hard-earned savings or leaving them intact."
Saga recently launched a free service to help people understand their options and entitlements. Saga also has a free advice line and comprehensive free guide to paying for long term care. Both are available by calling 0800 0568152.
Notes to Editors-
The Saga Populus poll asked people if they thought a year's long term care would cost more or less than a years schooling at Eton
Long Term Care in the UK can cost as much as 75,000 per year, the average is 32,000 per year.
One in four of those aged over 65 will require some form of Long Term Care – source Wanless Report 2006 data correct as at 2002
For further press information please contact the Saga Press Office on: 01303 771529.