Sir Andrew Dilnot reiterated calls for a cap on care costs in order to remove the "catastrophic risk facing us all" and to help stimulate the market.
Speaking at the inaugural Royal London annual lecture on Thursday, Dilnot (pictured) said "catastrophic" care costs were the "last big unpooled risk" that citizens face.
He called for action to deal with the "broken" care market, saying a mixture of social insurance and new forms of private sector financial services would help to make sure people were better protected.
According to Dilnot, a cap on care costs would help to make private care policies viable for providers and stimulate innovation in the care market.
He also said the growing cost of care could not be met wholly by the working age population, and that the retired population should be making a bigger contribution over time.
"A cap on care costs removes the catastrophic risk facing us all, and could help to stimulate more provision of private sector financial services," he said.
"Coupled with a reform to means-tested state support, this could help tackle the ‘broken' care market where the supply of residential and domiciliary care all too often does not meet the needs of older people."
Royal London director of policy Steve Webb said the upcoming green paper on social care outlined in the spring Budget could postpone politically difficult choices.
"The ‘Dilnot' cap on lifetime care cost is an important part of the answer," said Webb.
"It is only fair to make sure that those who are unfortunate enough to face huge long-term care costs in later life do not face an unlimited bill, and a cap would make it more viable for providers to come forward with insurance products."
The idea of a cap was first mentioned in a report by Dilnot in 2011.
The government said it would implement the cap at £72,000 to take effect from 2020, but it is understood those plans have been abandoned since, and no such cap will be introduced until well into the next decade.
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