Companies report 'no interest in care insurance'

[Northerner]

There are no plans for any insurance products to help people plan ahead for their care needs in old age, leading companies have told the BBC.

Creating such a market was one of the key aims underpinning the government's decision to introduce a cap on care costs from next year.

Two years ago Prime Minister David Cameron said he hoped the plans would "open up an enormous market".

But 17 major companies said there was not enough interest in such policies.

Care experts said the revelation was a blow.

About 60% of people are expected to need care in their old age - with one in 10 facing costs in excess of £100,000.

http://www.bbc.co.uk/news/health-31023340

 

[MacG3]

One of the reasons that there is still confusion around the Implementation of the recommendations of the Dilnot report is the stunning lack of detail. The headline is that, as an individual you will be required to fund the first £76k of your care requirements.

But there has been no details of how and who will keep a record of that spending, and what that spending will be made up of. For example, if you spent your own money to install a sit in bath, would that count? And where would you register that you spent that money.

Best advice at the moment is that if you spend anything that could even tentively be described as an aid to help you in older age then keep the receipts. This could also include a new central heating boiler, handrails or even a burgled alarm with a panic button.

 

[trophywench]

How very dare they.

They said have insurance, have Private Pensions to make stuff easier for you in your old age. However should you go into care you aren't allowed the opportunity to spend your money on yourself for enjoyment like they said - instead you have to pay all what you paid into your pensions etc, to pay them to look after you.

If it happens to be in a Care or Nursing Home then you will actually pay more than the person next to you who never saved or had Pensions, for whom the Local Authority is paying. It usually costs somewhere in the range of £150 to £200 a week more for the privately funded people who have to subsidise the LA ones who don't pay enough.

And I've paid round about 6% of my salary all my life - to subsidise people who p**sed their money up the wall all their lives, had new this new that and new the other whilst I've made do and saved it.

I VIOLENTLY object to it.

Think I'll look for a cleaner ......... and a gardener and a decorator just to start with. No point in not spending it, is there?