Advice is a vital key to solving care crisis
BETTER advice is one of the solutions to the care crisis.
Partnership, the largest long-term care annuity provider in the UK, is seeking to help the Government find a solution to the problem of how best to pay for care in old age.
It believes this is one of the major issues of our time.
There are now more than 400,000 elderly people in residential care. This number is predicted to increase to 750,000 in 2031 and more than triple in 2081 to 1.5million.
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Partnership has engaged closely with Andrew Dilnot's Commission on the funding and support of care, as it believes this will create a sustainable long-term framework for social care in the UK.
Partnership believes Andrew Dilnot's analysis of the problems is correct and that the recommendations made are key to any solution. In particular it believes the need for universal information and advice for people who pay for their own care is fundamental. Partnership has been campaigning to raise awareness of this for years.
Previous research has shown that 41 per cent of older people in residential care pay for their own care. Yet around this time only 7,000 received appropriate financial advice. It is hardly surprising that in the absence of such advice it is estimated that one in four people who pay for their own care fall back on the state because they have depleted their funds.
Typically decisions about how to fund care are made when an elderly relative has had an accident. This means that families have to make important decisions, usually at a time of stress and anxiety.
Partnership believes that greater access to appropriate care advice and information will play a valuable role in helping self-funders and their families understand how best to fund their care and consider the choices facing them.
The Government is expected to announce its proposals in a Social Care White Paper in late May or June this year.
Partnership is part of The Partnership Group of Companies, which includes Partnership Life Assurance and Partnership Home Loans. It is authorised and regulated by the Financial Services Authority.