Steps Made to Introduce Care Insurance

Elderly People Maybe Required to Pay Insurance Premium

No we didn’t get the spelling wrong, we didn’t say car insurance we did indeed say care insurance. I seems the latest proposal by government ministers is to introduce a new insurance scheme to support and fund the struggling care home and social care systems.

The current system in England runs on a means system whereby those people with savings and assets of over 23,500 pounds have to literally fund themselves without the assistance of state funding through the social services system.

By introducing a new care insurance policy, the government is aiming to assist those people who would have otherwise lost their assets to fund their care costs in later life. The only issue then focuses again on how much are we expected to fork out for this type of insurance.

The essence of the idea sounds great but many are already calling this another tax for those who are already paying taxes to fund the benefits system and the care of those who have not contributed anything throughout the years.

With life expectancy continuing to rise fears are that the black hole in funding capability will continuing to rise too. Without such ideas as the care insurance policy system to help boost this funding of social services and care homes it seems the government is simply not going to cope through the current funding system.