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Cost of care causes home sale fears
Wednesday January 19th 2011
Many people fear they will have to sell their home in order to fund their long-term care in the future, a new report has indicated.
A poll by law firm Dickinson Dees found that 38% of people over the age of 55 think they will have to sell their property to cover the cost of care for themselves or their partner, rising to 44% for the 35-54 age group.
However, the majority of people said they had never discussed the matter with their children.
Those who are worried about the cost of long-term care might want to consider taking out a Health Choices Plan to provide peace of mind when it comes to everyday healthcare.
Only 11% of respondents said they thought it was unlikely they would have to sell up to pay for long-term care.
But despite the high number of older people who think they will have to sell their home, 32% of adults aged under 55 said that inheriting their parents' property was important for their own financial stability during retirement.
Three-quarters of this age group have never discussed with their parents how they will meet the cost of their care as they get older, even though 29% of parents aged over 60 who have not broached the subject with their children would welcome it if they raised the issue.
The research also found that 57% of people thought care costs for elderly people should be paid for by the Government, rather than individuals.
Copyright © Press Association 2011
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