The Institute and Faculty of Actuaries has identified lack of clarity about how to plan for future long term care needs and a lack of reliable sector data as barriers to market development.
In its response to the Department of Health's consultation into the reform of long term care, "Caring for Future", actuaries have highlighted barriers to the development of financial products to address long term care needs. These include a lack of certainty and consistency of treatment towards public and personal provision of long term care and the complexities of means testing and care assessments. Together, these could make it more difficult to design affordable products to suit individual needs and, as a consequence, this could lead to a lack of affordable provision, especially fo...
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