The Association of British Insurers has promised to work with the Government to find new ways of funding long-term care for the elderly. Speaking at a conference at the House of Commons recently, the director of life and pensions at the Association of British Insurers said that 'the right policies and regulatory environments need to be found to encourage proper developments in solving the problem of long-term care'.
Our view
There is no solution apart from people paying for their own social care. National Insurance is not enough to cover these costs and the only solution is greater savings either forced via pensions or new legislation to block tax free lump sums and direct them into care annuity funds.