Dec 11 2008
In order to fund the cost of care, some pensioners are having to take out debts against their homes because their pensions and other private incomes are not sufficient, it has been suggested.
According to Alex Edmans, a long-term care expert for SAGA, although the majority of people get funding from local authorities, a large number still have to pay for it themselves, people saving for retirement may wish to note.
She said: "If they haven't got other savings to meet their care home fees, they're having to accrue a debt against their property through the local authority before they can meet their care home fees."
This is because homeowners are now finding it more difficult and are taking a lot longer to sell their properties, she added.
According to Laing & Buisson research commissioned earlier this year by Saga, it costs on average £675 per week for nursing care and £475 for residential care in the UK.
