Over-50s lack awareness of LTC costs

The over-50s are hugely underestimating the costs of long-term care, according to new research from Partnership.

Consumer research by the provider shows 63 per cent estimate LTC costs will be less than £30,000 a year while 36 per cent predict it will cost less than £20,000. Partnership says the typical costs of LTC can exceed £50,000 per year.

The research shows 53 per cent would be willing to sell their home to finance their care but only 4 per cent would consider contacting an IFA for advice on funding LTC.

Prudential managing director of care Chris Horlick says: “IFAs are not on the radar when it comes to this area. If people are not properly prepared, they could run out of money and have to fall back on the state.”