The financial services industry believes it can play a more important role to help people plan and prepare for the costs they will face in older age. The choice and range of financial products, such as insurance, to help people pay for care is currently very limited. Read more about financial services…
What do you think?
a. In the current system, what are the main barriers to the development of financial products that help people to plan for and meet the costs of social care?
b. To what extent would the reforms recommended by the Commission on Funding of Care and Support overcome these barriers? What kinds of products could we see under such a system that would be attractive to individuals and the industry?
c. What else could the Government do to make it easier for people to plan financially for social care costs?
d. Would a more consistent system with nationally consistent eligibility criteria, portability of assessments and a more objective assessment process support the development of financial products? If so, how?
e. Would the reforms recommended by the Commission on Funding of Care and Support lead to an overall expansion of the financial services market in this area? How would this affect the wider economy?
f. What wider roles could the financial services industry play? For example, in:
- raising awareness of the care and support system?
- providing information and advice around social care and financial planning?
- encouraging prevention and early intervention?
- helping people to purchase care, or purchasing it on their behalf?
- helping to increase the liquidity of personal assets?
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