The frightening news suggesting more than 1.7 million people in the UK will have dementia by 2051 indicates advisers should be doing more to encourage their clients to take out long-term care insurance.
A report from the London School of Economics and Institute of Psychiatry reveals 700,000 people currently have dementia in the UK, which incurs a yearly cost of £17bn. Without even taking into account inflation, if 1.7 million people have dementia by 2051 it will cost the health and social care systems a massive £41bn a year. But it is not just the health system that will suffer – in the majority of cases the bulk of the cost of caring for people with dementia is met by the sufferers themselves and their families. With the costs of caring for one person with late-onset dementia reachi...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes