The price of long-term care looks at the recent Government proposal to cap the amount individuals will pay for their social care at £72k.
The aid provides a breakdown on the latest proposals and helps introducers understand how this affects individuals and whether they qualify for ongoing State support or not.
The aid also gives a breakdown of the key social care statistics and the likely impact on individuals as they live through their retirement and looks at how they cover the costs of care.
It includes statistics on the number of individuals with long-standing illnesses, the number who have care and support needs the State doesn’t support, average weekly fees for those in private residential care and the average length of stay.
Chris Prior, manager of sales and distribution at Bridgewater Equity Release, said: “Our Just a thought aids are always designed for advisers to give to their introducers in order to help them understand an issue like the funding of social care.
“While the cap on social care funding has been broadly welcomed by the industry many individuals in retirement will still have to find significant sums of money, not forgetting the fact that any care above and beyond the council cost will also need to be paid for personally.
“This is therefore not a case of ‘problem solved’ for large numbers of people but simply an understanding that their contributions will not necessarily go beyond a certain level.”
Prior said that whilst equity release was not the only solution Bridgewater expects it to be used far more often to for this type of reason.
Bridgewater’s Just a thought sales aids are designed to be used by advisers with their introducer contacts to help them understand the potential uses of equity release in a variety of situations and circumstances.
