Helping your residents pay for their care
As a care home proprietor your main concern is the wellbeing of your residents. As you know, when someone goes into care, it can be an emotional and difficult time for all involved. Often it is a situation they have no experience of - it can be very daunting and people don’t know where to turn for advice or information.
Partnership is one of the UK's leading providers of long term care annuity products. By taking a person's health into consideration, we are able to offer an increased income paid direct to the care home – guaranteed for the life of the resident.
We are concerned that people are self-funding their care having received little or no financial advice.
The Facts
- It is estimated that approximately 130,000 new individuals enter care homes each year.
- Of this group, over 42,000 individuals will have their care privately funded.
- Only 7,000 of these individuals are believed to have had the benefit of financial advice from a qualified financial adviser.1
Why is this relevant for you?
- Many of those self funders could run out of money and have to revert to local authority funding.
- This could mean a loss in income to your business as the amount the local authority is willing to pay may differ from the cost of the service the person was receiving.
- Worst-case-scenario for all concerned - the person has to move homes.
You can help people by pointing them in the right direction and providing them with information that will give them the facts they need to enable them to make an informed decision.
We have created a handy reference guide to provide you, residents and their families with useful information on funding care.
You can download it by clicking on the link above. Alternatively, you can order copies by emailing us
1, . Oliver Wyman Market Research, 2008
