By Jeff Prestridge
Published: 09:47 GMT, 11 March 2013. Last updated: 09:47 GMT, 11 March 2013
Evidence: Specialist Janet DaviesMaintenance tips major specialist Symponia said some elderly people and their families pay for long-term care without realizing that they already have insurance to cover the costs.
This means that they pay the cost of weekly nursing care of approximately 700 instead of a fraction of these costs.
Symponia, a network for care fees planning advisors, said that it found evidence of people entering nursing who have forgotten ?prefinanced? policies they bought 20 to 30 years ago.
These policies have been sold by insurers including Bupa, Norwich Union (now Aviva), life of PPP (which is now part of Axa), partnership and Scottish Widows and were intended to cover the cost of care in old age.
More than 44,000 prefinanced plans were purchased in the years 80 and beginning of the 1990s, primarily by persons of 60 years.
They were then were withdrawn from sale because premiums has become prohibitive. Janet Davies, Director general of Symponia, based in Stratford-upon-Avon, Warwickshire, believes that dementia is one of the reasons why such priceless policies are forgotten.
Alzheimer Society recently reported that 320 000 400 000 people in nursing homes suffer dementia or memory serious disorders.
Davies said: "the problem occurs when the person other than the Subscriber knows the prefunded module plan. Certainly, any person suffering from dementia not remember products purchased over 20 years ago.
"If the children of the person in charge, or a person having power of Attorney, did not know the plan, it would not occur to them to continue the investigation.
"It's sad to think there are families who pays the Bill for the increase in the cost of care for family members who may have already paid in whole or in part for the care they receive.".
His comments come following proposals from the Government to the Cape of the care costs long-term at 75,000 by 2017.
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