The Government is set to produce a Green Paper on how to fund long-term care in the UK, it was annou...
The Government is set to produce a Green Paper on how to fund long-term care in the UK, it was announced in the Comprehensive Spending Review.
Stephen Haddrill, director general at the Association of British Insurers, said that the UK population was living considerably longer than ever before. "We believe that without the involvement of the private sector, the strain on individuals, families and the taxpayer will be unbearable," he said.
While the private sector has only played a small part in the provision of funding long-term care, this could now change significantly, he said and added that the private sector has a key role to play when providing care for the elderly.
At present, only people with assets less than £12,000 are eligible to have their care paid for by the State. Many elderly people are currently having to sell their homes in order to raise money to fund their own care.
Charities have warned that the current system is in need of some drastic reforms.
