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UPDATE 1 – UK’s Sunak wants insurers to explore products for social care costs




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By Aishwarya Nair and Vishal Vivek

September 10 (Reuters) – UK Finance Minister Rishi Sunak has asked Treasury officials to explore with the insurance industry new financial products that would help people cover their share of social care costs, a source said on Friday of the Treasury.

Prime Minister Boris Johnson on Tuesday presented plans to raise taxes for workers, employers and some investors in an attempt to resolve a funding crisis in health care and social services. With that, the government said no one would have to pay more than £ 86,000 for the cost of their care in their lifetime.

The State will intervene if the costs exceed this amount. Social care refers to long-term health care outside of hospitals.

Sunak has asked officials to work with insurers to consider “new products” that can help cover social care costs, the Treasury source said.

“We were hoping that over time, cost caps will provide the clarity insurers need to create new products,” the source said.

The Financial Times, which first reported the news, said that if insurance was available to cover expenses up to £ 86,000, it would help Johnson claim he was honoring the Conservative Party’s manifesto pledge of 2019 that “no one in need of care should be forced to sell their house to pay for it.”

Johnson’s decision to raise taxes broke the promise made in that manifesto not to raise such levies to fund social care.

A poll on Friday showed support for Johnson’s Conservative Party slipped behind the opposition Labor Party to its lowest level since the 2019 national election, after announcing the tax hike. ($ 1 = 0.7230 lb) (Reporting by Vishal Vivek and Aishwarya Nair in Bangalore; Editing by Leslie Adler and Cynthia Osterman)




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