48,000 pensioners forced to sell home to fund LTC
Share
Nearly 50,000 people in residential care were forced to sell their home to fund long-term care this year, research by the Liberal Democrats reveals.
The survey found 48,000 people currently living in care homes in 2009 were forced to sell their homes to pay for long-term care, 3,000 more people year-on-year.
This represent 31 per cent of the 155,000 self-funders who are currently in residential care.
Since 2005 the number of people in care who have been forced to sell their homes has increased 23 per cent, an extra 9,000 people, the survey shows.
Lib Dem shadow health secretary Norman Lamb says: “This Government’s treatment of older people is its shameful legacy. Ministers have turned their backs on thousands of older people who are forced to sell their homes each year to pay for the costs of care.
“The recent Social Care Green paper was the perfect opportunity to sort this problem out, but yet again Labour has kicked this issue into the long grass.”
Lamb says a complete overhaul of the current “unfair” system is needed so that people’s homes are no longer considered fair game to cover care bills.
He adds: “Whoever wins the next election cannot avoid the fact that we’re facing a crisis in funding for care. What we need is a long-term solution where the state pays its fair share and individuals are encouraged to save for later life.”
If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and Follow @_moneymarketing
Readers' comments (2)
John Blackmore | 18 Dec 2009 10:29 pm
48,000 forced to sell. why is that a problem ?
LTC has to be paid for in some way. what are the alternatives ? I know that many would like to inherit these homes and then pass the cost of taking care of their parents to the rest of us but isn't it about time that people began to understand that a home is just an asset like any other and is not a sacred cow.
Charity begins at home in my book and if this means using the home to pay for care then so be it.
Unsuitable or offensive? Report this comment
Steve Pett | 18 Dec 2009 10:38 pm
Much of this loss to your clients is unnecessary with sound legal planning retaining control with the family rather than handing it over to the Local Council.
Unsuitable or offensive? Report this comment