HSBC’S DECISION TO CLOSE CARE ADVICE BUSINESS PROVIDES A FURTHER CHALLENGE TO THE DILNOT COMMISSION.

SAGA

PRESS RELEASE

July 6, 2011.

HSBC’S DECISION TO CLOSE CARE ADVICE BUSINESS PROVIDES A FURTHER CHALLENGE TO THE DILNOT COMMISSION.

Commenting on HSBC’s decision to close their long term care advice division in July 2011, Dr Ros Altmann, Director-General of over-50s group Saga said:

 “The timing of HSBC’s decision to withdraw their long term care advice service from the market is a real disappointment, particularly as the Dilnot Commission has highlighted the desperate need for elderly people and their families to receive comprehensive information and advice on the options of paying for long term care,” said Dr Altmann.

“Without this specialist advice there is a very real danger that people will resort to running down, if not depleting their assets to pay care home fees, when there are often alternatives available. 

“Whilst there are other organisations in addition to Saga still offering this complex advice service, HSBC’s decision further highlights the challenge the Dilnot Commission faces when trying to encourage the financial services industry to provide creative products and support in this area.  

“Whilst the government considers its response to the Commission’s recommendations, there are already approximately 150,000* self-funded residents in care, a figure that is only expected to grow. For most people, care is a once-in-a-lifetime matter and people need to know that specialist advice on the current care funding choices is available. HSBC’s decision means there are now fewer places to turn to get such in-depth advice.

“Time is a luxury that many of these families simply don’t have so we urge the government to urgently put in place the working groups recommended in the Dilnot report so that real reform can happen.  Whilst this may not help many of the families with loved ones already in receipt of care, it can give some security and certainty to those with older relatives who may require care in the future. ”

Saga offers a free guide to funding care “Making Sense of Paying for Care” which can be obtained by calling 0800 056 6101 or visiting saga.co.uk/ltc

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Editors notes: * Source Laing & Buisson – Care of Elderly People Market Survey 2010-2011 - number of self-funders in care 2009

For further information please contact the Saga Press Office on 01303 771529.

ROS ALTMANN: WE’RE HEADING FOR A CARE CRISIS TO OUTSTRIP THE PENSIONS CRISIS.

ROS ALTMANN

DIRECTOR GENERAL, SAGA

SAGA RESPITE FOR CARERS TRUST

PRESS RELEASE

November 8, 2010.

ROS ALTMANN: WE’RE HEADING FOR A CARE CRISIS TO OUTSTRIP THE PENSIONS CRISIS.

Ros Altmann, who warned the last government of an impending pensions crisis, says that care could escalate to become a bigger financial crisis than pensions unless the current government gets an iron grip on care funding.

Dr Altmann, Director General of Saga, and a director of the Saga Respite for Carers Trust, warned: “The care issue is a time bomb. We can hear it ticking, and there is a clear strand of inevitability: it is not going to go away, it is going to get bigger – every statistic says that.

“There seems to be a great deal going on relating to care, but nothing actually happening. Every care- and age-related charity or support group and now the media itself – in the form of the BBC, no less – is acutely aware and extremely active in highlighting the current plight and future dangers associated with a growing elderly population,” said Ros Altmann.

“The people most affected, and their carers, are literally running out of time. There needs to be a decisive change in how care is provided and paid for. There is a complete lack of joined-up thinking between NHS and local government-provided care, with the problem being passed from one authority to another.

“The government’s political horizon is a great deal closer than the care horizon. Those in government allegedly tackling the care issue should be starting to think like statesmen rather than politicians, and look beyond that political horizon.

“Saga is in a unique position of being expert in both financial- and care-related issues. We can see this problem looming; other care and age issue experts can see it, but I fear the government can’t see it. Because it’s not visible or relevant to the majority of people, there seems to be no sense of urgency.

“We saw precisely that with the pensions crisis and the lending crisis; things were allowed to escalate unchecked, and cost billions of pounds to sort out when a much smaller investment at the outset would have prevented what became a massive problem.

“But we must not lose sight of the victims of the care shortfall. That around 80% of local authorities surveyed by the BBC say they are changing how much they spend on care is not just provoking uncertainty amongst the elderly and their carers, but potentially a postcode lottery too. What if, for example, of two neighbouring local authorities one declares it is cutting care spending and the other increasing it? There’s potentially a cross-boundary stampede which will make a complex situation even more complicated.

“The impact could be vast – it must be sorted out, and the next financial time bomb defused before it’s too late for the elderly and infirm, their carers – and the British economy.”

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Further information:

Iain Macauley

im@pressrelations.co.uk

07788 978800

www.saga.co.uk