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The Market Potential For Privately Financed Long Term Care Products In The UK

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Executive Summary

This paper considers the market potential for privately financed long term care products in the UK. It finds that since the present market is undeveloped there is scope to increase the range of products available to suit people with different means and circumstances. Currently the UK spends about ?19 billion on Long Term Care (LTC) of which around a third is privately funded and two thirds publicly funded. The paper finds that very few people can afford to pay for LTC out of their own pockets from income alone, but that this number is increased if savings are taken into account and significantly increased if housing wealth is included as well.

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