THE cost of long-term care for the elderly in the UK is expected to soar by 27% to £38 billion a year within 13 years, a study has claimed.
Costs will rise by around £16.2 million on current levels as the number of elderly needing long-term care rises by 37% from 840,184 to 1.1 million, retirement firm LV said. This will result in costs per person per year jumping £7000 from £26,000 to £33,000 by 2025.
LV's Future of Long Term Care also reveals that almost one in five Brits are expecting to fund long-term care for an elderly relative, while 23% will use their property to cover the cost of their own care.
Vanessa Owen, head of equity release for LV=, said: "The UK is facing an uncertain future on the funding of long-term care.
"Low interest rates and living costs continually on the up, coupled with social care budgets being cut, creates a worrying financial backdrop for many, especially those in retirement.
"It is a real concern for people who have the burden of long-term care costs approaching, as currently they could be faced with an open-ended bill which makes it difficult to plan effectively to meet these costs."
Life expectancy is one of the biggest reasons for the increase in costs, and around 88% of Brits believe the Government should set a £14,000 cap on how much people pay.
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