Conservatives propose home protection plan for residential care

A home protection plan to prevent older people having to sell their properties to fund long-term care has been unveiled by the Conservatives. In England, the individual must meet residential care costs if they have assets of more than £23,000.

Under the Conservatives' proposals, for a one-off payment of £8,000 at 65, people in England would receive a guarantee that all fees for permanent residential care would be waived for the rest of their life.

The Conservatives say that their scheme could be operated by existing insurers using branded products, with the government setting out basic rules and safeguards to ensure it remained financially viable over the long term. They insist the voluntary scheme would be self-financing, as only 20% of those paying in would get ill enough to have to draw on the scheme, and say no public money would be needed to operate it.

45,000 people are forced to sell their homes each year to pay for residential care, with a typical two-year stay costing £52,000.

Andrew Moss of Aviva says, "Providing a better level of care requires a clear, fair and sustainable funding system to give people the reassurance that they will be well looked after beyond their retirement. We believe this can best be provided by insurers and the government working in partnership and we look forward to working through the details of the proposal."


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