The Telegraph have written a piece that follows up the LGiU’s recent Independent Ageing report. The report (which can be downloaded for free here) highlights the cost to councils of people who begin by funding their own care but fall back on state funding when their own means run out.
The Telegraph focus on our discovery that of the 41pc of elderly people who self-fund their long-term care, 25pc run out of money and end up being funded by their local authority. As we conclude in Independent Ageing, such outcomes can be avoided if people were to take expert financial advice.
As LGiU director, Jonathan Carr-West is quoted, “To a large extent, falling back on state funding for residential care is avoidable. Individuals have a range of options for generating a reliable income stream to meet care fees: buying a commercial product that turns savings into a lifetime income stream; renting out a home to provide rental income; or releasing equity from a home, among others.
“Individuals are often unaware that if they run out of funds and fall back on state provision, they may have to move to cheaper care facilities”.
The Independent Ageing report has also been covered by ConservativeHome and the Local government Chronicle.
