Saga warns on care costs for the elderly
First, the good news. A report is due to be published tomorrow, commissioned by the Government, which is likely to recommend that the considerable stress, anger and anxiety currently felt by the elderly about their homes being sold to pay for long term care costs should be somewhat allayed, with a cap on the amount they can be asked to pay. This cap is likely top be suggested at perhaps around £50,000.00.
The bad news is that if this is the recommendation, it could cost over £2 billion annually in the short term and much more in the long term as the population lives longer and it is likely the government may baulk at the cost. The other issue is that any family law changes are likely to be delayed until 2014, which will not help some 250,000 families in the short term, with costs for residential care being generally upwards of £25,000.00 per annum.
Apparently, at the moment 1 in 5 elderly people in care spend over £100,000.00 on care costs.