Feb 18 2008
The costs associated with staying in a care home for an extended period of time are expected to soar over the course of the next two decades, according to a recent report.
Experts at the Saga insurance group have predicted that the bill for a four-year stay at a care home is likely to almost double as a result of rising fees and inflation over the next 20 years.
With this in mind, the firm has urged people around the UK who are saving for retirement to consider how much money they would be likely to require if they needed spend their later life in a care home.
Andrew Goodsell, chief executive of the Saga Group, said: "With the cost of funding care expected to consistently increase above inflation, it’s critical that those already paying for care, or those planning for the future ensure they take advice from a fully qualified adviser."
The Department for Work and Pensions claimed recently that many of the UK's younger consumers have unrealistic expectations about what level of financial security they can expect in retirement.
