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.