Over-55s don’t think they should have to pay for their long-term care

A recent survey compiled by insurance giants Aviva, shows that most over-55s are ‘terrified’ of having to pay for long-term care in their old age, and many believe that the government should foot the bill instead.

70% of over-55s questioned said that they didn’t think they should have to pay for long term care in retirement.

As things stand, the state will not contribute towards long term care costs for people who have assets (including property) worth more than £23,250.  This is forcing many ill and frail pensioners to sell their homes in order to pay nursing home fees and other long term care costs, leaving little or no inheritance for their families.

The recent Dilnot report suggests that this threshold should be raised to £100,000 and that a cap of £35,000 be put on care fees that any individual should pay.

However, according to the Aviva’s Real Retirement survey, those who did think that they should make a contribution towards their long term care, only wanted to pay £3,600 for a lifetime of care.  The cost of long term care is an average of £35,000 per year.

Whilst those surveyed admitted that they didn’t want to pay for any care they might need in retirement, most realised that the state would be unlikely to be able to afford to pick up the bill.

51% said that those ‘better off’ should be made to contribute more and others said that any contribution made should be based upon a person’s income throughout their lifetime.   Over half said that there should be a cap on the fees to be paid.

The cost of long term care in old age is a significant worry, Aviva found that 12% of the over-55s are ‘terrified’ of the costs that could be accrued.   A mere 2% of those questioned said that they had firm plans in place to take care of such costs should they arise.

A motion was passed by the Liberal Democrats at their annual party conference earlier this week to put pressure on the government to implement the Dilnot recommendations as soon as possible.

Age UK will be hosting events alongside the Care and Support Alliance at the Conservative party conference early next month.  They will be discussing how to push through the Dilnot reports suggestions.