Health insurance company say care costs will soar

Thu, 21 Feb 2008

According to Saga, who offer life insurance and health insurance policies to older customers, the cost of long-term care in a home could double in the next twenty years. To reach this conclusion, Saga analysed inflation and combined it with increasing care home costs .

Saga pointed out that despite being little understood, the cost of long-term care could be a major financial burden. According to the insurance company, 17 per cent of people aged over 85 are in long-term care.

The chief executive of Saga Group, Andrew Goodsell, reportedly commented: "Those faced with funding care now will already know the extent of that financial burden, however preparing for the future cost of care is an issue few people want to consider. With the cost of funding care expected to consistently increase above inflation, it’s critical that those already paying for care, or those planning for the future ensure they take advice from a fully qualified adviser ."
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