News for Advisers

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Cost of care underestimated

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According to a report issued by The Strategic Society Centre think-tank, people in Britain are ‘oblivious’ to the cost of adult care and the likelihood of their own need for care in the future.

Nearly half of all respondents to a survey said they did not know the average weekly cost of a place in a residential care home.  Of those that did answer, the mean figure suggested was £396.58 – around £140 below the average fee of £531.

 

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Think you understand the care cap?

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Then you are in the minority.

Research recently commissioned by the Financial Times suggests that the care cap of £72,000 – intended to bring clarity and certainty to long-term care from April 2016 – is poorly understood, with thousands of people dangerously overestimating the new state safety net.

The FT commissioned a poll of people likely to need care in the next few years.  The results showed a high level of confusion over what costs will be covered, leaving many at risk of a financial shock.

Amongst the…

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A solution to the long-term?

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Chris Horlick, managing director of care at Partnership, provides his insights into the detail of the recently published Care Bill and what this means for people moving into care from 2016 and beyond.

To read the article in full click here

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Betrayal of the elderly

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An article published today by Daniel Martin, the Daily Mail’s Whitehall correspondent, highlighted further shortcomings of recent social care reform.  He points out that, regardless of your financial position, entitlement to state help will only apply if your care needs are deemed ‘substantial’.

This is likely to leave many people without the state assistance that they thought they would receive.

To read the article in full, click here

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If the cap fits

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The government has at last published its plans on care funding.  But who will benefit from the changes?

Read Catherine Llewellyn’s article in Health Investor magazine

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Care cap to benefit ‘very few’

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A proposed governement cap of £75,000 on long-term care costs will benefit ‘very few’ of the people actually in long-term care reports Nicola Brittain in IFAonline

To read the article in full, click here

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Numbers of self-funders increase

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New research from Laing & Buisson evidences that more people are funding their own care during their later years.

The study shows that a record total of 175,000 older residents in independent sector care homes (43.4%) paid every single penny of their long term care fees last year.  Another 56,000 (14%) people need to get ‘top-ups’ from family or friends in order to fund their care services, and William Laing says that these figures are only likely to increase further in the future.

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Liz Kendall MP speech to advisers

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At the Society of Later Life Advisers’ (SOLLA) conference earlier this week, Liz Kendall MP talked about both the Draft Care and Support Bill (which could have major implications for the way information and advice is provided to older people) and her views on the Government’s plans regarding Andrew Dilnot’s recommendations on long-term care funding which are due to be published “imminently”.

She observes that one of the biggest problems people face if they or their loved ones end up needing long-term care is finding out what services and support are available in…

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Advisers to be centre stage

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Financial advisers will be ‘centre stage’ in the future long-term care system, according to the minister for care and support.

Speaking at yesterday’s Society of Later Life Advisers’ (SOLLA) conference on ‘The Value of Advice’, Norman Lamb said the current system was “completely dysfunctional” as people deteriorated with no access to advice and the belief there were no products available.

Lamb told adviser-delegates: “This is where critically you come in. How that person can make best uses of the resources they have available to them. Your role…

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