Long-term care planning needed: VitalityLife

In its latest newsletter to clients, the protection provider claimed that 78 per cent of older people receive care from a spouse or other household member, and 6m people are caring for family and other loved ones.

According to VitalityLife, a part-time carer, at 14 hours a week, would cost £11,000 a year, while a year of full-time residential care would cost £28,000. Three years of residential care would cost £85,000.

Its newsletter showed that, with just £20,000 of cover, a person would get a year of part-time care and meal delivery and a home stairlift, while £100,000 of cover would give three years’ part-time care and meal delivery, 18 months of full-time care and a new adapted bathroom.

Under current legislation, people will benefit from support from their local authority if they live in England, Scotland or Northern Ireland and have less than £23,250 in assets or savings (£23,750 if they live in Wales).

This threshold is set to increase as the government introduces its new care funding measures over the next few years.

Adviser View

Janet Davies, managing director of Warwickshire-based Symponia, said: “The stark fact remains that until we, as a nation, change our perceptions of old age and care – why it is needed, where it is delivered, how much it costs to deliver and who pays for it – then people will always view it as a hugely reluctant and grudge-bearing purchase.

“We are not saying that care does not cost, but it really is time for us all to realise exactly what we as care home residents or recipients of care actually get for that spend.

“Far more important than random statistics about the cost of care, to us at least, is the fact that far too few people really take their potential care need seriously enough. If only it was viewed as just another life cycle and tackled with the same gusto as retirement in general, then the associated costs, the delivery and legislation would not be treated or viewed with such alarm.”