Only 1 in 10 Over-65s Have Made Provision For Care Costs

10 Oct, 2014

According to specialist insurer Partnership more than 90 per cent of people over the age of 65 have not made any financial arrangements to help cover future long-term care costs.

As well as having no financial plans to pay for care three quarters of people have not discussed the topic with their families.

Earlier this week the Chartered Institute of Personnel and Development and SImplyhealth found that almost a third of companies are giving their staff time off to care for elderly or disabled relatives.

The research also found a lack of awareness around financial products which can be used to finance long-term care. Many over-65s as well as those between 45 and 55 admitted that they hadn’t heard about options such as care annuities.

A spokesman for the insurer, said: “Care is very much on the agenda at the moment but this research highlights that not only have most people into made any plans or spoken to their families, they don’t know what their options are when it comes to paying for care. This is likely to be due to the fact that very few people want to consider the possibility of needing long-term care later in life. Taking to time to consider your options now will pay off in the long run.”