Symponia expands preferred partners network to property groups

clock

Symponia, the national professional body for care fees planning advisers, has extended its Preferred Partners network to property related firms.

The latest organisations to be awarded the title are Eldercare Property Partners, The Senior Move Partnership and Giggs & Company. All three firms have moving house at the core of their offering.

This follows recent research by NFU Mutual, which found about three quarters of people who go into residential care in old age may end up selling their homes to pay for it.

Symponia's research also found 61% of Symponia advisers said almost three quarters of their clients needed to do this. A further 29% said that between 50% and 70% of their clients ended up selling their homes.

Janet Davies, joint managing director for Symponia said it was time for a "subtle paradigm shift".

She said: "Should it be seen as such a scandal if elderly people have to sell their homes to cover care home fees? Applying a degree of objectivity to the situation, who wants the responsibility and expense of an empty house? Yes, our homes are our castles but when push comes to shove, it's the money held within and the shelter they provide that are key.

"It really is time we worked with, rather than against, this concept - with the right approach, the money invested in our homes can see us through all the changes and requirements that each new life cycle brings."

Davies continued: "The proposed care cap of £72,000, unveiled in March, is misleading, over-complicated and set much too high, leaving the majority self-funders right where they are now; paying for their own care costs one way or another.

"It is time to wake up and smell the coffee. People are going to have to continue to sell their property in order to relocate - whether because they are downsizing or going into a care home - but it is important that the transition is made as painless as possible."

More on Long Term Care

Reframe Cancer appoints non-exec director

Reframe Cancer appoints non-exec director

Jenni Wilson takes the role

Cameron Roberts
clock 01 November 2024 • 1 min read
Autumn Budget 2024: Protection and health headlines

Autumn Budget 2024: Protection and health headlines

Top talking points

Cameron Roberts
clock 30 October 2024 • 3 min read
Cancer and the mental limbo of waiting

Cancer and the mental limbo of waiting

Support for long-term care

Mark Stephenson
clock 17 October 2024 • 4 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read