21 July 2010
Long term care specialist Partnership throws support behind Commission on the Funding of Care and Support
Partnership, the UK’s largest provider of long term care insurance, today declared its support for the Commission on the Funding of Care and Support.
Following a meeting with Social Care Minister, Paul Burstow, Managing Director of Care at Partnership, Chris Horlick, said: “We applaud the Government’s intention to examine critical areas affecting the UK’s current long term care funding arrangements.
“We share the State’s concerns about the UK’s demographic time bomb which will see the number of people in the 85 plus age group increase by over 60% in the coming two decades, and those aged 75 plus increase by around 70% in the same period.*
“These are precisely the people who will need care – the average age of policyholders entering care under Partnership Care Fees plans is 87.
“It is vital we develop a platform to ease pressures on our ageing population – the demographic time bomb has exploded,” added Horlick.
The Commission on the Funding of Care and Support will investigate the following areas:
• The best way to meet care and support costs via a partnership between individuals and the state;
• How an individual’s assets are protected against the cost of care;
• How public funding for the care and support system can be best used to meet the needs of an aging population and;
• How to deliver the preferred option, including implementation timescales and impact on local government.
Horlick added: “Partnership already markets a product which can provide funding to meet an individual’s care needs while safeguarding their assets – the Immediate Need Annuity (or Care Fees Plan). We will seek to continue to develop this market to provide widespread access to these important products.”
– Ends –
Editors Notes:
*(Laing and Buisson 2009)
Press Enquiries:
Chris Horlick
Managing Director, Care
0759 596 4156/ 020 7618 2834
Partnership
Chris.horlick@partnership.co.uk
Jim Boyd,
Director of Corporate Affairs
0797 345 8675 / 0845 108 7240
Partnership
jim.boyd@partnership.co.uk
Rebecca Dwyer
Consultant
0774 757 8617 / 01273 777144
David Andrews Media Ltd
rebecca@davidandrewsmedia.co.uk
David Andrews
Senior Consultant – Director
07941 255855 / 01273 777144
David Andrews Media Ltd
david@davidandrewsmedia.co.uk
About Partnership:
Partnership is a specialist provider of financial solutions for people with health/ lifestyle conditions, as well as those suffering from a serious medical impairment. Partnership was the first company in the UK to offer higher retirement incomes by taking account of people’s health and lifestyle conditions. It has been a consistent innovator developing this sector by championing the needs of those with even modestly reduced life expectancies.
Partnership has led the way in providing products designed specifically for individuals whose health and lifestyle is likely to result in a reduced life expectancy. Partnership is expert in the field of medical underwriting and has a unique in-house data set. Partnership believes that its years of accumulated data and knowledge gives it a unique understanding of the impact of health and lifestyle choices on longevity. This, in turn, enables it to offer the most accurate assessment of a client’s life expectancy and therefore offer the fairest price to them.
Partnership has the most comprehensive offering in the retirement sector and offers a complete range of Enhanced Annuity solutions, from clients who smoke or have minor health impairments, through to serious conditions such as cancer. Partnership is the largest provider of annuities for Long Term Care funding in the UK, with 80% of the market, and also offers specialist Protection solutions for clients who have been declined cover from standard providers. Partnership offers a firm commitment to supporting advisers in growing their business.
Partnership was winner of the 'Long-term Care Provider' award at Health Insurance Awards 2009 and this year’s Simply Biz ‘Annuity Provider of the Year’ award.” www.partnership.co.uk
Partnership is a trading style of The Partnership Group of Companies, which includes Partnership Life Assurance Company Limited (registered in England and Wales No. 05465261), which is authorised and regulated by the Financial Services Authority. Registered office: Sackville House, 143 – 149 Fenchurch Street, London EC3M 6BN.