In the adult social care green paper, the government has put forward three options for how people might fund care costs not met by the state:-
- A partnership model under which individuals are left to meet their care liability themselves. While average costs for people over 65 would be around £20,000 to £22,000, those with the highest needs, such as those with Alzheimer’s, could still face significant costs of £100,000 or above.
- An insurance model under which people would be invited to enrol in a state-backed insurance scheme – either run by the state or private insurers – and then get all of their care costs covered. The DH estimated that people might need to pay £20,000 to £25,000 into the scheme, protecting those with higher needs against prohibitive costs.
- A comprehensive model under which all people over 65 would be compulsorily enrolled in a state insurance scheme. This would reduce premiums to £17,000 to £20,000, but people would need to pay regardless of whether they needed care or not.
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