20.08.18
One in 10 people facing care costs of over £100,000
One in 10 older people are facing care costs of over £100,000, with many not saving enough to pay for care in later life, new research shows.
Analysis by ‘Which?’ indicates that just 12% of adults over the age of 55 have put aside funds to pay for any future care needs, largely due to many prioritising the cash for things that they want or they need to do over planning for care.
The figures prompt further concerns about a potential funding crisis for adults going into care at older ages; in July a damning report highlighted that a record number of elderly people—1.4 million— in England receive no social care support including getting washed and dressed.
The government is planning to announce its social care green paper which campaigners hope will address some of the funding issues raised by the report— however the publication date remains in mystery, following the government pushing the data back from late last year to summer this year.
The new report noted that only a third of over-55s had discussed their preferences for care in later life with a friend or relative— whilst a fifth (19%) said they did not even know where to look for information about care.
Vice chairman of the LGA Cllr James Jamieson said a lack of certainty of future funding of adult social care and the split of responsibilities between individuals and councils in who pays for it is making it hard to financially plan for.
“Adult social care is at breaking point due to years of underfunding, rising demand and costs for care and support. There is an urgent need to bridge a £3.5bn funding gap facing adult social care by 2025 just to maintain existing standards of care,” he added.
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