Elderly Parents Supported By Family
Saga Insurance has completed a study that finds the inheritance usually passed on to children will become more and more likely to be used to pay for long term care for elderly parents.
According to the Saga Insurance survey it is a subject that only about 10 percent of families have even discussed, let alone done anything about. The upshot is that as parents grow older they are going to need a fund to cover the cost of long term care. This is likely to come from existing assets that would normally have been passed down the family.
The typical cost of long term care is around GBP25,000 per annum, something most people are unaware of said Saga Insurance. This means that families need to either set up a fund that can be used in the future to cover this cost or be prepared to realise the family assets for this use.