The social care proposals announced on Monday

　　David Hare from the Institute and Faculty of Actuaries comments on the social care proposals announced on Monday and suggests that now is the right time to consider how pensions and long term care savings can be better linked
 

　　15 February 2013

　　David Hare, President Elect of the Institute and Faculty of Actuaries says;

　　"The Government's proposals last year on long term health care costs were missing one key element, funding. Monday’s announcement which includes a ?75,000 lifetime cap for the cost of long term health care, provides welcome clarity, however further information on how this will be reviewed on an on-going basis would also be helpful, particularly if the financial services industry is to provide products that assist people in planning ahead for long term care.

　　"Actuaries are one of the few professions that span the pensions, insurance and health care industries and the Institute and Faculty of Actuaries believes it will be beneficial for individuals if long term financial planning could be more holistic. We believe that the best way to do this would be to consider how pensions and long term care requirements could be better linked. With proposals in place for sweeping reforms in both these areas by the Government, we believe that now is the right time to consider how it is possible for individuals saving for their later lives in a pension to utilise these savings for long term care should they ever need to. The Institute and Faculty of Actuaries is already undertaking research with members to ascertain if this is possible and if so how.

　　“There are a number of challenges ahead, not least the infrastructure that is required to help individuals and families access the right financial and medical advice when considering long term care. These challenges need to be tackled by all of us and consideration of how best to use existing infrastructure for financial and health care advice is a necessary next step.”
 

　　For further information please contact Karen Wagg, Media Consultant at the Institute and Faculty of Actuaries on 077 255 58 55.

　　A jpeg image of David Hare is available on request.
 

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