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Pensioners will keep their home and get free residential care if they pay £8,000 insurance fee under Tory plans

Tory plans to enable pensioners to avoid selling their home and still pay for long-term residential care are leading BBC bulletins today.

As the Daily Mail and most other newspapers report, the Conservatives are saying that pensioners will be able to pay an £8,000 insurance fee and in return will receive free residential care and will still be able to bequeath their home to their families.

Conservatives believe that the voluntary insurance scheme will be self-financing as only one-fifth of pensioners are likely to need the insured care and the average bill for pensioners who do go into care homes is about £50,000.

OSBORNE LOOKING UP George Osborne explained the 'Home Protection Scheme' to Mail readers:

"It's a complete injustice in our society that 45,000 elderly people every year, who have worked hard and saved hard, are forced to sell their home and there's no affordable insurance. It is grossly unfair to those who are neither the richest, who can afford that care, and the poorest who get their care paid for. So we are going to help those people who have done the right thing through their lives and enable them to keep their home and pass it on to their children. 'It shows you can use the power of the state without adding to people's taxes.'"

Pensioners without assets equal to £23,000 will continue to receive free care.

Tim Montgomerie

11am Listen to Andrew Lansley explain the policy to Radio 4 listeners.

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