Saga survey shows more people now aware of care costs

A survey by Saga Care Funding Advice Service has shown that more people are now aware of how much it costs to fund long term care. On average, respondents guessed the annual cost of a care home place at around £330 less than the actual average price, compared to guessing £1,200 less in the previous survey in 2008. People aged between 50 and 60 had the most realistic ideas about the cost of care, while those aged over 75 underestimated the cost by around 20%. The survey also found that 26% of people aged over 50 – 5.5 million people if applied to the UK population – would not qualify for any assistance from the state in paying for care costs. And 43% of respondents said they would have to sell their homes if they moved into residential care. Saga also discovered that care home fees across the UK vary by almost 56%. Northern Irish homes were found to have the lowest fees on average and the Home Counties has the most expensive.