U.K.: Elderly Face Up To Home Truths

LONDON (Financial Times - Adviser), September 22, 2006: Nearly half of today’s elderly population will have to sell their homes to fund their care, research has shown. The research further revealed that three quarters of adults underestimated the cost of care in a nursing home. The average is £545 per week for a care home providing nursing care, not £301 as thought by 18-24 year olds. Liverpool Victoria, which conducted the research, warned that parents and children needed to plan ahead more to meet their future care needs. London is especially expensive, with the cost of a week in a care home rising to £705. Nigel Snell, Liverpool Victoria’s communications director, said: “The costs of care are also going up and up, so the financial burden can only get heavier. This means it is vital for parents and children to plan ahead and try to make regular savings to fund their future care needs.” Owain Wright, head of long-term care funding at Saga, said people did not have to sell their homes: “In our experience, around 90% of people who sell their home to pay for their care will do so without seeking help and advice, and there are many other options available. “For example, it is possible to pay for your care with an interest-free loan from your local authority. “Paying for care can be a complex issue but with help it is possible to easily understand the options and we would always recommend people seek independent, specialist financial advice.” © Copyright Financial Times Business Limited - 2006.