As we move into the real 21st century, what is the coming year going to bring to the long term care ...
As we move into the real 21st century, what is the coming year going to bring to the long term care insurance arena? Are we going to see outstanding issues resolved? Is the Government going to put the missing pieces into the jigsaw? Will you get that last little bit of help to make your long term care business take off?
Let us look at the changes which 2000 brought first of all:
Firstly, confirmation that long term care provision is going to remain means-tested. There are literally going to be no extra 'free lunches' in the care homes of the UK. So, those who will be asked to pay for care - and you their advisers - now know, where the responsibility lies for paying those bills.
We also got confirmation that the Government does regard insurance as an appropriate way to pay long term care bills. It is not said explicitly, of course, but by setting up a Treasury committee to consider how the policies might be presented and sold, the Government is accepting the role insurance has to play in funding care.
Finally, there was confirmation that the Government is considering regulating all long term care insurance - something IFAs want overwhelmingly according to a recent survey.
Looking forward, there are many positives for long term care insurance business - and an excellent platform has been set to build your business from in 2001.
So what extras should this year bring to help you do this?
From Alan Milburn - tying up the loose ends on means testing. How will 'free nursing care' work? Who can expect what? This will make the process easier for you and your clients to work out how much insurance to arrange - and take away this issue as a possible objection to buying the insurance cover needed.
And from Melanie Johnson we can look forward to confirmation long term care insurance is to be regulated - and action to do just that, ideally with immediate effect. Once again, an objection removed.
Even without these extras you are now ready and able to make 2001 your best ever long term care insurance year. With them - the job is just that much easier.
