Over-55s support partnership for LTC

Most people aged over 55 believe the private sector should be involved in providing long term care, according to research from Norwich Union.

The survey shows that 86% of over-55s think the public sector should work with private insurance companies to provide care. The poll also found that eight out of 10 older people know that if they own assets worth over £16,000, including their homes, they will have to meet the cost of care themselves.

Around two-thirds would be in favour of a scheme involving private insurance to cover some of the cost of care.

The survey was carried out for Norwich Union by Taylor Nelson Sofres in May and was based on a sample of 970 people aged 55 and over.

Martin Chapman, marketing manager at Norwich Union, said: "People invest a great deal of money in their home and they are becoming increasingly aware that they risk losing it if they should need full-time care later in their lives. The State does not pay for long term care if people have assets worth over £16,000, so unless they have made some kind of private provision, selling their house is usually the only option.

"The Government's view on the future of long term care is still not clear and meanwhile people are recognising the need for some kind of partnership between the public and private sectors to help protect the assets they have worked hard for."

Chapman added that Government proposals, which would allow councils to lend people the cost of residential care secured against the value of their homes and later claim it back from their estate, make it clear that if someone wants to leave an inheritance they would have to prepare for it in advance.

He said: "We do not know what the terms of the loan will be, for example whether interest will be payable, but this proposal still fits in with our overall principle of a public-private partnership scheme and we want to continue to work with the Government to ensure this principle is pursued."