Risk needs to be pooled
The planned cap on the cost of care, including long-term care for the elderly, has been put on hold until 2020, the government has announced.
New initiatives around funding long-term care will likely benefit only high-net worth consumers, while less wealthy people will still end up selling their homes to fund care, Zurich has suggested.
PayingForCare.org has launched a care cap calculator to help advisers and their clients make informed funding decisions.
Symponia has called today's social care announcement "a clever pre-Budget manoeuvre" designed to divert attention away from the ailing coalition.
The coalition government has renewed its commitment to reforming long-term care but has not confirmed the level of a cap or timescales for implementation.
The coalition will introduce the £35,000 cap on social care costs as recommended by the Dilnot "as soon as" it is able, the health minister said today.
A former minister who lost his job in the reshuffle has criticised the government for failing to deal with the burden of long-term care costs, suggesting the Treasury has "no sense of urgency" about the issue.
A group of MPs has found only 4% of the 40% of people who would benefit from investing in a financial product to fund care do so.