Pensions  

Care home costs were underestimated: survey

The enhanced annuity provider commissioned a survey of 2000 consumers between the ages of 45 and 65 and found that 15 per cent of respondents expected their parents or parents-in-law to go into a care home. Thirteen per cent had already done so.

But 42 per cent said the cost of a care home was higher than they expected.

The poll also revealed that 60 per cent of female respondents had taken the responsibility of finding a care home, compared to 40 per cent of men.

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Only 41 per cent said that every member of the family was involved with the decision, and 61 per cent said taking this course of action did not necessarily make them feel better afterwards.

Chris Horlick, managing director of care for Partnership, said: “It is vital to get regulated independent financial advice to avoid running out of funds and having to make further difficult emotional decisions around the type of care that you or your relatives can afford.”

Figures from Laing & Buisson, a healthcare research firm, published earlier this year showed that the number of people in residential care rose by 2.2 per cent year-on-year to September 2012.

Adviser view:

Lorreine Kennedy, IFA for Hertfordshire-based Care Matters, said: “I share my own, very difficult experience of putting my father-in-law into care and explain that it will always make you feel wretched, but it is ultimately the right decision. More people who come to me are aware, thanks to media coverage, of just how much care is going to cost.”