SHIP: State missed chance on care reform

The funding proposals, which included the idea that the cost of care could be shared between the Government and the people using the service, mean that the elderly will still be forced to sell their homes in order to fund their care needs, according to SHIP.

Andrea Rozario, director general of SHIP, said the fact that equity release allows people to access the equity in their properties to help them fund their care was not discussed.

She said: “I am hopeful that the Government, based on the consultation it has received, will see that equity release can play a role in paying for long-term care.” 

Stuart Wilson, managing director of Equity Advice, said the Government was skirting around the issue of how older people would provide for their long-term care.

He said: “Equity release is such a glaringly obvious answer to the issue of funding care. I think the Government does not understand how it can be a solution to the problem of people needing quality expensive long-term care.”