Symponia, is calling for the Coalition to start listening to the financial services profession who engage with the consultation paper ‘Caring for our future: implementing funding reform', which was published yesterday.
The Department of Health's 111-page document poses an array of questions, including how the capped costs system should work, how deferred payments should be administered and how government can help people make informed choices about their care and support.
Symponia, a professional body for care fees planning advisers, believes specialist care fees advisers and product providers are best placed to offer practical and workable advice and is urging the Government to seize the opportunity to effect proper and unambiguous change.
Janet Davies, joint managing director for Symponia said: "We all know that the dramatic claim that self-funders will only have to pay £72,000 in care costs is just plain wrong and hugely misleading.
"Even in the most modest of care homes - about £500 per week - residents will have to pay at least £130,000 in total fees to have exhausted their care cap account, assuming they meet the eligibility criteria.
"On a positive note, yes the Government is asking for our help, and in fairness it takes a brave powerbase to be big and bold enough to hold its hands up and admit that it is simply out of its depth.
"We offered our help with the Care Bill and we were left snubbed and bruised. Of course we'll rally and offer qualified and informed opinion; as professionals at the sharp end on a daily basis, the very least we can do is to respond."
The consultation closes on 25th October 2013.
Free initial call and 10% off
Findings expected Budget day
As part of serious illness cover
For mortgage and later life advisers