There are no plans for any insurance products to help people plan ahead for their care needs in old age, leading companies have told the BBC.
Creating such a market was one of the key aims underpinning the government's decision to introduce a cap on care costs from next year. Two years ago Prime Minister David Cameron said he hoped the plans would "open up an enormous market". But 17 major companies said there was not enough interest in such policies. Care experts said the revelation was a blow. About 60% of people are expected to need care in their old age - with one in 10 facing costs in excess of £100,000. From April 2016, the government is setting the cap on care at £72,000 from the age of 65. Currently people face unlimited costs - although those with little wealth get help towards their costs. Under the change, once an individual has spent that sum, the state will pick up the bill for care - although people will still be liable for £230 weekly living costs if they are in a care home.....Read more here