Govt to launch 'fully-funded' social care reforms

Author: IFAonline
IFAonline | 11 Feb 2013 | 07:34

Categories: Long Term Care

Topics: Long Term Care


The government is due launch its "fully-funded solution" to the problem of how to pay for social care of the elderly.

The package is expected to include a £75,000 cap on the costs people pay for care and increase the threshold for means-tested support from £23,250 to £123,000, the BBC reports.

Health secretary Jeremy Hunt said the "scandal" of people having to sell their homes to pay for care must end. He said at present about 40,000 people a year are forced to sell family homes to pay unlimited care bills.

The report said it is hoped the insurance industry will start engaging with the issue and develop products to cover old-age care.

Hunt said: "Just as people make provisions for their pensions in their 20s and 30s, so we also need to be a country that prepares for social care as well."

An inheritance 'stealth tax' is thought to form part of the plan.

More long term care news

Related briefings

Recommended reading



  • Comments
  • Print
  • RSS
  • Share
blog comments powered by Disqus

Related articles

Most Read

Audio / Visual

Coffee Lounge

Who picked up the gongs this year?

Protected Product Review Awards 2013

Who picked up the gongs this year?

Advisers and providers gathered at the Grand Connaught Rooms in London on 20 November to celebrate the ingenuity and the graft displayed in the protected product arena throughout the last 12 months. These awards are growing in popularity every year, and our congratulations go to the winners and highly commended.


event logo

Retirement Planner Forum & Awards 2014

06 Jun 2014 - 06 Jun 2014

London, UK

event logo

International Fund & Product Awards 2014

16 Jun 2014 - 16 Jun 2014

London, UK

event logo

COVER Breakfast Briefings

26 Jun 2014 - 26 Jun 2014

London, UK


Sponsored video


Do you believe the insurance industry can deliver the Chancellor's "retirement advice for all" pledge?