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Review of care products: key messages
- Author:
- GREAT BRITAIN. Department of Health
- Publisher:
- Department of Health
- Publication year:
- 2014
- Pagination:
- 4
- Place of publication:
- London
The Department of Health invited representatives of the financial services industry to conduct a review of the market of products to fund care. These reports have identified opportunities for development of financial care products and the problems they might face. This short report presents key messages from the financial services industry, which briefly outlines the types of plans those entering care (mainly aged 75+), the ‘semi-retired’, and those of working age should make. It suggests the sorts of “products” that could help with care costs, e.g. Equity Release; and that certain conditions are also needed to create consumer demand for such products to make provision for care, for example helping people to access good financial advice. The review was supported by 3 industry-led working groups that looked a: consumers and the marketplace, housing and equity, and pensions and insurance. (Edited publisher abstract)
Social care funding: statement of intent
- Authors:
- GREAT BRITAIN. Department of Health, ASSOCIATION OF BRITISH INSURERS
- Publisher:
- Department of Health
- Publication year:
- 2014
- Pagination:
- 5
- Place of publication:
- London
The Department of Health invited representatives of the financial services industry to conduct a review of the care product market. The industry-led review found that the Care Bill went a long way to creating the right conditions, but that more work remained to be done. This statement of intent is a public commitment from the Department of Health and the financial services industry to work together to help people plan and prepare for the costs of their long term care. This includes creating the right conditions for the development of more financial care products and overcoming the barriers identified in t he industry led report into care products. (Edited publisher abstract)
Bridging the gap: ensuring local authority fee levels reflect the real costs of caring for older people
- Author:
- BUPA
- Publisher:
- Bupa
- Publication year:
- 2012
- Pagination:
- 16p.
- Place of publication:
- London
In each of the last three annual rounds of fee setting, local authorities have failed to raise fees by a sufficient amount to cover care homes’ increased costs. In the financial year 2010/11, baseline fee rates paid by local authorities increased on average by 0.7%, compared with estimated care home cost increases of 2.1%. In the financial year 2011/12, the funding gap widened with average local authority increases of just 0.3% compared with estimated care home cost increases of 2.8%. This reports suggests that the failure to agree a sustainable funding structure for the future of social care has added a further £26 million to the financial black hole in just 12 months. The funding shortfall, which now stands at £892 million for this year, is the gap between the true cost of providing high quality care and the fees paid by local authorities to care home providers in England. Central Government funding cuts and the increasing needs of an ageing population has meant that many councils are paying below-inflation care home fees for the fourth year running.
Caps, opt-ins, opt outs: is England making progress in reforming care funding?
- Author:
- LLOYD James
- Publisher:
- Strategic Society Centre
- Publication year:
- 2012
- Pagination:
- 24p.
- Place of publication:
- London
This discussion paper provides a response to the government's recent progress report on care funding. The government’s report ‘Caring for our future: progress report on funding reform’, July 2012, set out the government's response to the recommendations of the Commission on Funding of Care and Support. In this document, the government accepts as the basis for reform the principle put forward by the Commission of financial protection through capped costs and an extended means test, but reveals that it will not make a decision on the capped cost model until the next Spending Review expected in late 2013. This response paper argues that the government's progress report effectively acknowledges that care funding reform could proceed on a cost-neutral basis for the Treasury, and not interfere with the government's deficit reduction strategy. However, the government fails to set out any of the options for paying for care funding reform and does not seek to use its report to inform a wider debate on this issue. This discussion paper suggests that progress toward care funding reform may occur in several ways: public acceptance of the difficult tax and spending decisions required to make the capped cost model cost-neutral for the Treasury; the implementation of a low-cost capped cost model; or the creation of a voluntary capped cost state-sponsored insurance scheme that becomes mandatory over time.
Model answers
- Author:
- IVORY Mark
- Journal article citation:
- Community Care, 9.10.08, 2008, pp.26-27.
- Publisher:
- Reed Business Information
Discusses some of the solutions that are being put forward to tackle the future funding of adult social care. These include social insurance and self-directed support.
The Scottish way
- Author:
- MARSHALL Mary
- Journal article citation:
- Professional Social Work, July 2008, pp.16-17.
- Publisher:
- British Association of Social Workers
This article analyses Scotland's free personal care policy and describes how this alternative approach to care funding has worked.
A new state of independence
- Author:
- GOSLING Paul
- Journal article citation:
- Local Government Chronicle, Supplement, March 2008, pp.4-6.
- Publisher:
- Emap Business
The challenge of an ageing population is changing care provision. The author discusses how councils can respond to growing demand for services, in spite of budget cuts.
How will government defuse the demographic time bomb?
- Author:
- GOULD Mark
- Journal article citation:
- Health Service Journal, 22.11.07, 2007, pp.14-15.
- Publisher:
- Emap Healthcare
With an ageing population, how can the government fund a system of long-term care for the elderly? This article looks at the dilemma and possible solutions in light of next years planned government consultation and green paper.
Rowntree's retirement villages
- Author:
- STURGE Michael
- Journal article citation:
- Journal of Care Services Management, 1(4), July 2007, pp.341-352.
- Publisher:
- Taylor and Francis
This article describes the Joseph Rowntree Housing Trust's retirement village in York and its proposed village in Hartlepool. It contrasts the financial terms of the two developments. The benefit of these schemes for older people is discussed, along with the challenges that they face.
Financial exclusion among older people
- Author:
- ANDREW IRVING ASSOCIATES
- Publisher:
- Help the Aged
- Publication year:
- 2006
- Pagination:
- 36p.
- Place of publication:
- London
This report considers the nature and impact of financial exclusion among older people. The report highlights the challenges presented for older people by the move to direct payment of benefits, the shift towards chip and pin, and the increasing use of telephone and internet banking.