Retirees happy to pay 'some' LTC costs

Almost three quarters of people aged over 55 believe paying for long-term care (LTC) should not be an individual’s responsibility, Aviva research suggests.

Perhaps unsurprisingly, 70% of respondents to Aviva's seventh Real Retirement Report felt forcing people to pay for their own care is unfair.

However, the majority have realised they are likely to have to pay towards some of the costs.

Just over half of over-55s would prefer LTC to be partially funded by the state with wealthy people paying part of the costs.

Around a fifth of respondents would rather the wealthy paid the majority of their LTC costs with only some state funding.

Overall, 36% of over-55s think people should contribute in some way to their own care "if they can afford it", although the method of calculating who can afford LTC was also debated.

Assessing eligibility for state help with LTC should be based on lifetime income, 14% said, whilst 16% said the calculation should be based on current assets.

Despite support for means testing LTC state support, 62% of over-55s said they should not have to sell their house to pay for care.

A small minority of 3% of over-55s expected to totally fund their LTC, but 53% have no firm plans in place to meet care costs.

Clive Bolton, at-retirement director at Aviva, said: "Many people are looking to the state for guidance on care funding, standards and entitlement so now is the time for the government to take advantage of the opportunities presented by the Dilnot Commission and take steps to build a sustainable system."