Labour has challenged the health secretary's claims that the introduction of a cap on care fees would kick-start insurance solutions.
Today, health secretary Jeremy Hunt introduced a programme of reforms including a £75,000 cap on care costs and a means-test threshold of £123,000. This will be funded by National Insurance contributions released by the end of the state pension contracting out regime and freezing the inheritance tax threshold at £325,000. Hunt said with costs capped at £75,000 it would be easier for individuals to plan and obtain insurance. He claimed insurers and financial services would make products available as a result of this certainty. He added: "Just as people make provision for their pens...
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
