The amount of people forced to sell their home to pay for long term care (LTC) costs has risen to 70...
The amount of people forced to sell their home to pay for long term care (LTC) costs has risen to 70,000 over the past year ' an increase of around 55% since 1995, according to research compiled by Paul Burstow, Liberal Democrat spokesman for older people.
The survey, conducted in April, revealed that one in six families have had to sell their home to meet care costs before the value of their savings fell below the Government's means tested threshold, currently standing at £18,500.
With the majority of pensioners failing to qualify for help, this trend looks set to continue. According to Sandy Johnstone, retirement and protection strategy manager at Norwich Union, the elderly need to realise that they can only protect themselves from selling their home in order to pay for care costs through insurance.
'If elderly people need LTC, then there is a strong possibility they will have to sell their home. This sector of the community now needs to consider whether this is acceptable or not. We have been saying for many years that the only way that you can protect yourself against the cost of LTC is through insurance. Those who choose not to buy insurance in the hope that a government will come into power that will pay for care are living on false hopes,' he said.
