View more on these topics

Advice demand for long-term care on the rise, study suggests

Holding-Hands-Comfort-Embrace-Soothe-Care-700.jpg

Advisers are set to pick up more work planning for long term care needs, a new survey by Just Retirement Partnership suggests.

While two thirds of over-45s believe they may be forced to sell their home to pay for care, only 6 per cent have included care costs in their financial planning.

53 per cent of over-45s said they should not rely on state funding if they can find a way to use their own finances to pay for their own care through selling their house, for example.

Group communications director at Just Retirement Stephen Lowe says that though the 6 per cent that have included care in their financial plans remains “worryingly low” the number is on the rise.

Lowe says: “A number of advisers are starting to show interest and to see if they should serve the care market.”

“If people aren’t aware they need to take responsibility for funding their own care they won’t have any compulsion or have that conversation to act. If you want to create a market for financing long term care you need to start building demand and raising some awareness.”

Lowe adds that, despite the provisions of the Care Act, which came into force in April 2015, mandating local authorities signpost to support, the picture of getting people to advice or guidance among authorities is “completely mixed and failing.”

As part of the Act a so-called “Dilnot Cap” – which would have limited care costs to £72,000 – was set to be introduced.

In July last year, the Government announced plans to delay this however.

Recommended

Carer-caring-long-term care-elderly-2013

Middle Britain hit hardest by long-term care reform delay

Workers on middle incomes will bear the brunt of the pain from the Government’s delay to a cap on the cost of long-term care, according to research. A study published by a Care and State Pension Reform research team, backed by the Pensions Policy Institute, found those needing care will lose out on up to £34,000 […]

Behind the headlines: Death of the long-term care cap

In April the Conservatives wrote into their manifesto a pledge to cap the costs of long-term care. Just three months later, the party announced the £72,000 cost cap would not be coming in April 2016 as planned, but April 2020. Former care minister Norman Lamb told Money Marketing to see the move as anything other […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment