The total annual cost of long-term care of the elderly is expected to triple from £877 million to £2.7 billion in 30 years' time, according to a report from a group of specialists.
A joint working party of the Irish Association of Pension Funds, the Irish Insurance Federation and the Society of Actuaries in Ireland has complied the report, which states that the number of people over 75 is expected to increase by more than 70 per cent over the next 30 years, while those aged over 85 is expected almost to double.
The report estimates that about two-thirds of care is currently provided on an informal basis by family and friends. However, this is likely to be reduced by social changes like increasing numbers of women going out to work and the greater geographic spread of families. This will demand provision for more formal care, and it is unlikely that the State will be able to absorb the cost of all of it, the report says. It will be discussed at a conference in Dublin next Thursday.