Compulsory insurance 'could guarantee care for elderly'
www.moneynews.co.uk > Pensions > Compulsory insurance 'could guarantee care for elderly'
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Compulsory insurance 'could guarantee care for elderly'
Wed 15th Jul 2009
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Up to £20,000 would be put forward by individuals under the plans, which are designed to create a fairer situation for those who are forced to sell their homes and assets to pay for their care in old age.
The scheme is one of three announced by health secretary Andy Burnham in the House of Commons, as he attempts to devise a system that is "fair, simple and affordable".
Two other alternatives were submitted by the secretary - an initiative that would see both the state and individual pay for care and a voluntary insurance scheme that would allow people to take out cover to fund the care.
According to research from LV=, the cost of putting an elderly individual in a care home for a 30-month period comes in at £88,140.
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