Care costs to double: UK
The cost of residential aged care in the UK will double by 2028, according to independent research.
The cost of long-term care for elderly people in Britain could double in just two decades.
The average bill for a four-year stay in a nursing home is expected to rise from £112,312 today to £223,476 by 2028, according to research conducted by Saga – a group that provides services to the UK’s over-50s market.
The group said the figure, which is based on a 3.5 per cent annual increase in fees on top of inflation, showed the importance of planning for the cost of care in old age.
Around 17 per cent of British people aged 85 and over are currently in long-term care, and with life expectancy rising.
A man who is aged 60 now is expected to live for another 26 years on average, while a woman is likely to live for another 29.
“Those faced with funding care now will already know the extent of that financial burden, however preparing for the future cost of care is an issue few people want to consider,” said Saga’s CEO, Andrew Goodsell.
