State and financial services can work in partnership to solve the long-term care funding crisis confronting England and Wales, according to a new report.
The Delivering a National Care Fund study from think tank Strategic Society Centre proposes a model built around a state-sponsored insurance scheme administered and underwritten by the financial services industry. It proposes that for a £6825 premium from retirees, or £14 per month over a 40-year working career, retirees who are no longer able to undertake three or more activities of daily living (ADLs) would receive a benchmark income of £150 per week for the rest of their life. This equates to £7,800 per year. Market analysts Laing & Buisson estimated that in 2010 the average ann...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
