Health Secretary Matt Hancock has said insurance payments for elderly payments could become the new “norm”.
Mr Hancock made the comments while speaking to the House of Lords Economic Affairs Committee this week, The Daily Express reported.
The Health Secretary said the scheme, which is expected to be included in the Social Care Green Paper, could be modelled on the auto enrolment system for workplace pensions for company employees.
“There are a number of injustices in the current provision of social care but the insurance issue for people in old age care is one of the biggest,” the Health Secretary said.
“It is the last great uninsurable risk that we have, nobody can insure against it.”
Mr Hancock argued one way of making social care funding “better and fairer” would be to enable everyone to insure themselves.
The Health Secretary’s comments came after Tory MP and close ally of Theresa May, Damian Green, last week proposed a state pension for model for social care that would provide a Universal Care Entitlement (see Tory MP, Damian Green, proposes state model for social care).