SAGA COMMENTS ON GOVERNMENT REVIEW IN TO PAYING FOR CAREThursday 18 July 2013
Commenting on the news that government is reviewing options to help people plan for the care cap, Tim Pethick for Saga said:
SAGA COMMENTS ON GOVERNMENT REVIEW IN TO PAYING FOR CARE
"Many people are already struggling to make provision for their own retirement, so expecting them to go without now to put money into a separate fund in order to pay for care is simply not going to happen.
"Our analysis has shown that because the cap has been set so much higher than Dilnot's proposals the cost of an insurance product would be too high to be feasible.
"Our view is that it would be better for most people to put the money towards paying down their mortgage and then use a form of equity release to get to that money if necessary. However, using a pension pot is another alternative, but given the low take up and lack of trust in pensions there is a lot of work to be done to rebuild public confidence in saving for the future."
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