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Does living in a retirement village extend life expectancy? The case of Whiteley Village
- Authors:
- MAYHEW Les, RICKAYZEN Ben, SMITH David
- Publisher:
- International Longevity Centre UK
- Publication year:
- 2017
- Pagination:
- 49
- Place of publication:
- London
Using the case of Whiteley Village in Surrey, this joint report from the International Longevity Centre UK and Cass Business School investigates potential of retirement village life to increase the life expectancy of its residents. The report provides a brief background to the history of Whiteley Village, a charitable retirement community established in 1914, now comprising of just under 500 older people. It provides details of the accommodation and services provided, which include extra care housing, a residential home and a nursing homes; provides a demographic analysis of Villagers; compares the mortality experience in Whiteley Village with that of the wider population in England and Wales; and analyses the longevity of Villagers compared with the wider population through a detailed examination of the life-spans of people that joined the Village in the decades from 1930 to 1980. The findings show that female Villagers have experienced an increase in life expectancy compared to the general female population. The result is even more striking, considering the lower financial means of Villagers, relative to the general population. Although there was no evidence to show that the male residents of Whiteley had increased longevity, there was evidence that the majority lived at least as long on average. The report concludes that it is possible to create a socially stimulating and safe environment in which older people can enjoy a longer retirement in peace and comfort than would have been be experienced by similar individuals in the general population. It also suggests that retirement villages, or similar environments, are capable of combating the negative effects on health and social well-being of low economic means and isolation. (Edited publisher abstract)
Flexible and affordable methods of paying for long term care insurance
- Authors:
- MAYHEW Les, RICKAYZEN Ben, SMITH David
- Publisher:
- International Longevity Centre UK
- Publication year:
- 2017
- Pagination:
- 32
- Place of publication:
- London
An expected increase in the numbers of older people requiring care and reductions in public funding mean that individuals will be increasingly expected to contribute to and plan for their own care in later life. This joint report from ILC-UK and Cass Business School explores different ways in which people could purchase a long term care insurance product. It focuses on a disability-linked annuity product that provides benefit payments towards the cost of both domiciliary and residential nursing care. It investigates four different methods of payment for this product: a one-off upfront lump sum premium; a regular monthly or annual premium which ceases if and when the benefits are triggered; a payment after death or entering long-term residential care using the value of the home upon sale based on a percentage of the housing equity; and a payment after death or entering long-term residential care using the value of the home at an agreed monetary amount. The report identifies potential customers and considers ‘willingness to pay’ depending on their economic circumstances. It then develops the model for four different pathways of benefits, depending on the level and duration of care a person receives. It argues that these different options will offer flexibility, would allow individuals to have control over the timing of their payments to fit around their lifestyle and minimise the impact on their living standards. (Edited publisher abstract)