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What is the cost of looking after parents?

3rd January, 2019

What is the cost of looking after parents?

If you currently bear the burden of looking after both your children and your parents at the same time, you are part of the ‘sandwich generation’.  With an aging UK population, there is also concern among younger generations that the problem will only get worse.

An aging population brings with it rises in later-life diseases such as dementia and frailty. This has led to added pressure on the ‘sandwich generation’ to support their parents when covering financial commitments such as medical bills, care home fees, or home modifications.

According to research from provider Vitality, 40% either currently do, or believe they will soon need to support their parents financially. Worryingly, 30% of those surveyed thought that costs would only total under £5,000, but the average cost of a dementia sufferer is in actuality £32,250, with care costs totally almost three times as much over a lifetime.

To support younger generations, provider Vitality has recently launched a new form of cover called ‘Dementia and FrailCare’, which is included at no extra cost as part of their ‘Serious Illness Cover’ plan, to help with the cost of later life care.

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