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Government Plans for Long Term Care

June 2009

The government announced yet another review of funding long term care in England. Proposals muted included every adult paying a £20,000 bond - almost like an insurance policy to fund our own care.

Comment:

Funding of long term care in England is a lottery. But the proposed system does not appear to overcome the present unfairness; i.e. Those who have scrimped and saved in the early years still have to pay for their own care, while others - who have not saved but enjoyed holidays and a spend-everything-you-earn lifestyle - will not be able to contribute the £20,000 premium.

It’s early days yet. We await more news.

Update: March 2010

Another review announced. The plans for a £20,000 payment have been replaced with a 10% tax on a deceased person’s estate which, in turn, has been abandoned for the time being. A committee is now to review the problem. But don’t expect an announcement until after the forthcoming 2010 General Election; it is too much of a ‘vote looser’ to be announced before then.

Long term care funding
New initiative announced by Government
Pay a lump sum at retirement?