One in four people questioned by Saga about the cost of long-term care for the elderly wrongly believe that the £25,000 cost of a year’s fees at the top school would be dearer than the same amount of time spent in a UK nursing home.

Saga’s study reveals particular confusion over NHS contributions to long-term care, and a third of respondents thought that the NHS will pay nothing towards the costs.

Owain Wright, head of care funding services for Saga, said: “If you are receiving your care in a nursing home then you will almost certainly be entitled to the nursing contribution, which can range from £2,080 to £6,916 a year.

“For those with complex and unstable medical conditions it is also possible that you may qualify to have all of your stay in a nursing medical home met by the NHS.”

He continued: “We often find that many people do not think about long-term care until they are faced with a relative who needs immediate care and this then comes as a shock.

“However, it is important to remember that there are many options available to people in this situation and they should never assume that they have to foot the entire bill themselves, because they simply do not.”