You are here: cherry > Press releases for July 2010 > Long term care specialist Partnership throws support behind Commission on the Funding of Care and Support

21 July 2010

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 –

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