In an exclusive interview with Care Home Professional Anchor chief executive Jane Ashcroft has said a new funding model is required to meet the challenge of providing care for the UK’s ageing population.
Ms Aschroft said the UK had fallen behind other countries in terms of providing a long term care funding model.
The Anchor CEO said: “The care model we are working with at the moment was created after the Second World War. Only some of the Care Act changes have been implemented. There’s a fundamental issue around dementia not being treated in the same way as other long term conditions.”
Ms Ashcroft held up Australia’s model of financing long-term care needs through bonds as a good model for the UK to consider.
“There’s a lack of financial products to help people,” the Anchor head said.
“The only game in town is the immediate needs annuity. The point that someone moves into a care home, there’s the insurance product and they can gamble how long they are going to live for and they can say if I pay a significant premium to the insurance company they can carry on paying my fines, regardless of how long I live. That’s a very blunt instrument for a very sophisticated purchase.”
The Anchor boss said a compulsory insurance model may be required to meet the shortfall in planning for future care needs as part of a fundamental reshaping of funding health and social care.