Government proposes long-term care insurance
The Government is proposing a new form of care insurance, details of which are contained in a Green Paper out today.
The proposed scheme could cost between £12,000 and £20,000 per individual but in return would provide a guarantee of long-term care.
The maximum cost is less than the average £30,000 now paid by elderly people in need of care and the proposals could put an end to the elderly being forced to sell their homes to fund the care they need in later life.
Contribution options under consideration include payments being collected during a person’s working life or a lump sum being deducted from their estate after death.
The new measures could also be funded through an extension of the national insurance scheme.
Aspects of the insurance, such as means testing and whether contributions will be voluntary or compulsory, have yet to be thrashed out.
Category: Health Insurance News, Insurance News
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