Financial instability continues to plague the care sector

Financial instability continues to plague the care sector and adding to these woes is the increasing cost of energy and power, according to energy litigation experts Energy Solicitors Limited. 

This is also why care home owners are watching closely for an insurance system in the independent commission into social care reforms led by Baroness Louise Casey following  health secretary Wes Streeting trailing the idea. 

Baroness Casey will chair an independent commission into social care reform from April.  However, long-term recommendations won’t be made public until 2028 at the earliest.

Streeting hinted that insurance will be one of many options worth exploring by Baroness Casey but the sector has heard this before. Back in 2019, a House of Lords interim report on social care funding considered mandatory social insurance and voluntary private insurance, noting the challenges of creating a viable market. The report concluded that private insurance alone can’t meet the sector’s needs, with public funding still essential.

The urgency is clear: more than two million social care requests were made in 2022–23, and local government spending is expected to exceed £30 billion by 2025. An additional £10 billion will be needed in the next decade to cope with rising demand.

Senior Partner of Energy Solicitors Limited Victoria Myers, said, “The need for quality social care has never been greater. Many care homes we work with cannot afford to wait for the reforms. They’re struggling with financial pressures now.”

Myers emphasised the importance of legal support for care homes battling mis-sold energy contracts. “Every penny counts, and we’re fighting to recover funds from energy firms and brokers who took advantage of these providers. Immediate action is needed to protect this critical sector.”

Every penny counts when it comes to maintaining the experience of your residents and it's increasingly tricky to balance budgets as a care home owner or manager. Energy Solicitors Limited is working tirelessly behind the scenes to free up thousands of pounds owed to care homes as a result of mis-sold energy contracts including hidden broker commissions. We are hosting a FREE  webinar on 30th January, with energy litigation specialists highlighting real-life examples. The webinar will help you spot broker red flags, identify over-charging and save thousands of pounds in hidden fees. Register now.