White Paper on Social Care.
Delay on care funding proposals will hold back new solutions, says Just Retirement
Responding to publication of the White Paper “Caring for our future: reforming care and support”, Sue Elliott, head of care solutions at Just Retirement, said that it was disappointing – but not unexpected – that some key decisions have been delayed until the next Spending Review.
“We welcome the fact that the Government has agreed in principle to putting a limit on social care costs and an extended means test,” she said. “But failing to set out the detail of these two key elements will slow down the development of private sector solutions and weaken private sector commitment to invest capital to build new markets.”
Sue Elliott said she was pleased the White Paper recognised an important role going forward for the financial services industry.
“One of their ‘definitive steps to take forward now’ includes setting up an expert working group, to include financial services among other stakeholders, to ensure the right information is available so that individuals can plan ahead for later life,” she said.
“We called for more clarity because the current system is far too confusing. The proposals take on board the need to signpost people to sources of expert and trustworthy information, which includes professional financial advisers. This has the potential to be a quick win.”
“Overall, we recognise the proposals are the biggest reform to social care since 1948 and should ensure that resources, both from individuals and the taxpayer, are used in the best possible way to promote people’s wellbeing and independence.”
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