Elderly care dependent on 'postcode lottery'
Cost of long-term care for elderly can vary by more than £15k regionally
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Wednesday, 10, Dec 2008 02:01
The cost of long-term care for the elderly in the UK can vary by more than £15,000 per year according to region, a new study has revealed.
Caring for an elderly relative in Buckinghamshire, Essex, Hertfordshire, Berkshire or Middlesex can an average of £298 per week more than in Northern Ireland, independent research commissioned by Saga has found.
And while Northern Ireland is also the cheapest region for residential care - with an average weekly cost of £402 - London residents can expect to pay an average of £567 per week.
Alex Edmans, of Saga's Care Funding Advice Service, said the findings revealed the importance of seeking expert advice on the potential cost of caring for your loved ones in their old age.
"Unlike buying a property, the cost of care is something particularly difficult to plan for, especially when people are faced with such enormous regional differences," he explained.
"This makes it vital to seek advice if you find yourself in these circumstances. With the right advice however this frequently underestimated cost need not financially ruin someone's estate and any potential future inheritance."
A nationwide survey of UK attitudes towards long-term care - carried out by Opinium Research LLP - found that only five per cent of people believed their parents would be able to afford long-term care without having to sell their house or use their savings.
One in four respondents said they expected their parents to live with them or another relative rather than face the burden of residential care.
"Arranging care for a loved one is always a very stressful and emotional time, without the additional shock usually involved when families discover just how much the care is likely to cost," Mr Edmans added.
"Getting specialist advice in this area when care is required can really help to reduce this burden and help you to reach financial decisions that you can feel comfortable with."