Innovation for Independence

Go Go, Go Slow, No Go

Publish date:
16/01/2015 - 4:23am
Last updated:
16/01/2015 - 4:23am
Author:
Momo

At a very old age, 85 and over, it is a difficult challenge to manage the costs of care particularly the uncertainty of care needs and their costs. Older persons are in need for support to be able to make better financial decisions on how to fund their long-term care needs. The latest developments in the UK government planned changes to the provision of care, and the the pensions freedom will introduce more complexity into the funding process. Pension providers and long-term care insurance firms are racing to provide their expertise to help the old to make decisions on funding their care before they are no longer able to make decisions for themselves. The older people would still need a simple measure that triggers them to seek assistance before it is late to take decisions. These should be made available tools with easy access and use including website, mobile app, and long-term care funds advising firm.

Insight & Impact

In 2011, there were 5.1 million disabled people in Great Britain aged 65 and over. More than quarter a million of the people aged 65 and over are living in care homes. The numbers in care homes do not reflect the increase in prevalence of disability, and the increase in expected life with disability (15 years for males and 18 years of disability for females). One hypothesis is that people are inclined to seek unpaid care from their relatives or friends to relieve the financial burden of care home costs. This alerts for a challenge that is facing both the government and the individuals; funding for the provision of care at old age. Many people are not sufficiently equipped to make financial decisions about their pension savings, and consequently about choice of appropriate long-term care savings. There is a striking evidence of limited understanding of pension products and terms. Long-term care products are more complex, and needed in later age when decisions are more difficult. People need help to understand the optimum timing of taking money, the tax implications of doing so and the types of products that are likely to be most suitable. Less than half of all pension savers over 50 have actually made a financial plan, and even amongst those who are just a year from retirement 40% have yet to make a plan.

Skills needed for this project

  • mobile application develping
  • website developing