Elderly urged to seek financial advice over care
Saga, a provider of money services for the over-50s, has commented a recent report on care funding by Help the Aged.
The group stated that they welcomed the report addressing concerns regarding the uninformed nature of the general public and what Help the Aged called an "unfair and complex care system" currently in existence.
However, Saga has urged the elderly to seek advice before taking drastic measures to pay for care, such as selling their home, noting that other options including interest free loans exist.
Owain Wright, head of long-term care funding at Saga, said: "Paying for care can be a complex issue but with help it is possible to easily understand the options and we would always recommend people seek independent, specialist financial advice."
The report by Help the Aged earlier this week found that 46 per cent of elderly people would sell their home if necessary to pay for a care home, while 45 per cent were insecure about their future care prospects.
As well as calling for an end to means-testing and a doubling of personal expense allowance, the group called for an increase in the upper savings limit permitted before one can apply for state funding for care.
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