The Association of British Insurers (ABI) is working with the government to find new ways of funding long-term care for the elderly.
Stephen Haddrill, the ABI’s director general, has become a member of the ministerial group on long-term care, which is headed by Ivan Lewis MP.
The group was established to formulate the government’s response to the Wanless and Joseph Rowntree Foundation reports into long-term care, and it will feed into the government’s Comprehensive Spending Review discussions.
Speaking at the Parliamentary All-Party Housing and Care Group conference at the House of Commons, Chris Kenny, the ABI’s director of life and pensions, states: “Insurers have an important role to play in finding sustainable solutions to the problem of funding long-term care. The ABI has been asked to sit on the ministerial group on long-term care, and is playing a full and constructive part by suggesting new ways to meet and fund this vital need.”
He says the insurance industry is starting to offer products to meet people's needs in retirement, including equity release schemes, but getting the right policy and regulatory environments to encourage further developments needs to be part of the broader solution to funding long-term care.
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