Funding old age care

According to Reuters, Britain is planning to cut red tape for financial companies developing products that help people save enough to avoid having to sell family homes to cover the cost of care in old age. The Minister for Care and Support Norman Lamb signed a statement of intent with the Association of British Insurers, setting out a framework for the financial industry to better provide for people saving to fund social care. Among targets being announced are a pledge to improve access to information and advice on how to save effectively and “create the right conditions for a larger market of financial products.”

“People face losing almost everything they’ve worked hard for or being forced to sell their family home in a time of crisis to pay for the care they need,” Norman Lamb said in a statement issued ahead of the pledge. “Our reforms will not only stop this from happening but will provide the industry with the certainty it needs to develop products that can help people plan for the future.”
(Source: Reuters)