Two-thirds of 45-65 years olds have made no financial plans for long-term care needs and 55% think that the basic state pension, currently £84.25 a week, will cover the cost of care.
Realistically, the average weekly residential care home is £400 a week or nearly £16,500 a year, which means many people with health care needs in the later part of their lives will not be able to afford costs that may be incurred due to ill health.
John Ellis, senior policy manager at Help the Aged says, “We fear thousands of adults have been led into a false sense of security. They believe that, should they need care one day, it will be paid for by the state out of taxpayers’ money. The reality could not be more different.”
The figures from data provider Moneyfacts show that someone putting £500 a year into a pension over 25 years might have retired on an annual income of £13,695 a decade ago. Today the same savings would give an annual income of just £3,841.
Richard Eagling, editor of Investment Life & Pensions Moneyfacts, says, “Today’s pensioners are facing a longer retirement with pension pots half the size of those fortunate enough to have retired a year ago.”
Of course nobody knows when they may need expensive medical assistance, but should the situation arise people should know they can turn to National Homebuyers for help.
Julian King Director of National Homebuyers says, “As the UK’s number one fast homebuying company, we want to let people know that there are simple uncomplicated options available to them that they might not be aware of.”
If somebody needs to release the equity in their house to pay for medical care then they can sell their house to National Homebuyers and then rent it back from them at an affordable rate. This alleviates the stress of moving house and finding a new home.
They can rent the house for as long as they like and if after a while they want to buy it back then they can always have that option.
If a medical emergency does arise, once a RICS surveyor makes an appraisal of the property, National Homebuyers guarantee a formal cash offer on the property. The service is quick, efficient and easy, which means funds will be made available to relieve difficult situations.
Needing health care is not a condition many people want to find themselves in, but at least National Homebuyers can assure people that they still have a home to go to should problems arise.
