ILC-UK launches initiative to advise and protect self-funders in the care system

The International Longevity Centre UK (ILC-UK) has announced a new initiative to ensure that care self-funders will be able to access regulated financial advice about meeting their care costs.

Self-funders are defined as people who are paying for the cost of their care support without any financial help from the council. This includes support that older people require to continue to live independently at home, and the cost for a residential care home.

Nick Kirwan, director of the ILC-UK care funding advice network said: “Our top priority will be to ensure that the legislation provides a guided pathway for self-funders that leads to regulated financial advice.

“The average self-funder pays around £150,000 for their care over 4 years and yet currently only a tiny proportion currently get regulated financial advice. This is something we must put right, and now we have the ideal opportunity to do it.”

The new legislation will make sure that all stakeholders in the care funding pathway primarily focus on care self-funders.

It will encourage better joined up working between the social care sector and other key stake holders including central and local government, financial advisors, care providers and firms offering financial service products.

Baroness Sally Greengross said: “This is our chance. The decisions made by Government between now and 2016 will determine the adequacy and sustainability of social care for many years. It is vital we get both the broad direction and the detail right if we are to deliver a much needed transformation in the care system.

“Between now and April 2016, the Care and Support Bill will result in radical changes to the care system and the way care is paid for. The period immediately ahead is therefore a crucial time of preparation to squeeze every last drop of benefit out of the new system. With money so tight everywhere, nothing less will do.”

Longevity and demographic change think tank the ILC-UK have described how important it is that the key stake holder community involved in the financial pathway of a care self-funder work seamlessly together to create a system that will run smoothly and successfully.

Noreen Siba, managing director of the ILC-UK said: “We’re looking to bring together a strong community of organisations involved in the care funding debate and we’re delighted that a number of firms have already agreed to help us fund this important piece of work, showing that there is a clear need to take advantage of this once in a generation reform of the system.

“I’d like to take the opportunity to thank them for their commitment and support and would welcome other interested organisations who would like to join us”.