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| Author: | Mayhew, L. Karlsson, M. Rickayzen, B. |
| Title: | The role of private finance in paying for long term care |
| Journal: | Economic Journal
2010 : NOV, VOL. 120:548, p. 478-504 |
| Index terms: | finance health service public sector ageing United Kingdom |
| Language: | eng |
| Abstract: | Long term care (LTC) will become progressively more expensive with ageing population and increased longevity. In 2009, the Government published a Green Paper on future funding options and a White Paper in 2010. This article deals with the role of private finance products under the 'Partnership' option. It is found that few households can pay for LTC based on income and savings. Yet, the number increases if housing assets are included. It is shown that products can be devised for a set of circumstances, although there is the need for continued state support. Based on a combination of income and assets, a simplified means testing system is proposed. |
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