Tories Plan to Rob Elderly of their Homes as Plan to Enrich Insurance Companies

Gerald Scarfe’s personification of Thatcherite greed. Still going strong under ‘Red Tory’ May.

One of the policies ‘strong and stable’, ‘Red’ Tory May has put forward in her manifesto is that house prices are to be included in calculating the cost of social care for the elderly. Which means that even more people face the prospect of losing their homes in order pay for the care they will need as they grow older. I know people, who are already worried about this. And people are already worried that Tory policies will make them homeless. Mike reports in one of his posts on this matter, how one caller to Nick Ferrari’s show on LBC was desperately afraid that she’d lose her home when her mother died.

http://voxpoliticalonline.com/2017/05/19/at-last-britons-are-uniting-against-theresa-may/

Yesterday Mike put up a piece, based on a social media post by Trish Campbell, which suggested that May had introduced this policy to give more work, and more money, to the insurance companies. She stated that she had read a piece on the Net, by someone, who had been told by a City worker that the Tories had approached the insurance industry months ago with the opportunity of selling more insurance policies. The elderly wouldn’t have to sell their homes to pay for their care, if they took out an insurance policy for it.

Mike has posted the original text and graphic on his blog, as well as transcript provided by one of his commenters if you can’t read it. It runs

“The Conservatives will attempt to soften the blow by promising that pensioners will not have to sell their homes to pay for their care costs while they or a surviving partner are alive. Instead, ‘products will be available’ allowing the elderly to pay by extracting equity from their homes, which will be recovered at a later date when they die or sell their residence.

“I have just seen this post online:

“‘People need to read the small print associated with this because its a lot nastier than it looks.

“I work in the City. The insurance industry was approached by the Government several months ago with the aim of creating a new market for a new product.

“This arrangement is a culmination of those discussions. You wont have to sell your house PROVIDED that you purchase an insurance product to cover your social care. The “premiums” would be recovered from the equity after the house has been sold and the Insurance company will have a lien on the house and can force a sale if it wants to. So your offspring cant keep it on the market for long in order to get the best price.

“The real kicker in this is that in order to encourage the industry to market these products the government guaranteed that there would be no cap on the premiums.

“This was in some ways “atonement” for Osborne’s destruction of the highly lucrative annuities market. This means that the premiums could be up to (and including) the entire remaining equity in the property after the government has taken its cut. Companies will be falling over themselves to get their snouts in this trough.

“In short your offspring and relatives could get absolutely nothing from your estate.

“If you buy one of these products you need to read the small print very very carefully indeed because there will be some real dogs on the market.

“I suspect that this is another financial scandal waiting to happen, but by the time it does May will be long gone.’”

Mike concludes his piece by wonder if Unum had something to do with it.

http://voxpoliticalonline.com/2017/05/19/now-it-makes-sense-dementia-tax-is-an-insurance-scam/

Well, this doesn’t seem at all unlikely. The work capability tests, that have seen tens of thousands thrown off benefit, and hundreds of severely sick and disabled people die in misery and starvation – see Stilloak’s blog and the site, Atos Miracles – were introduced at the behest of American fraudster Unum, and its chief, John Lo Cascio. And other insurance companies have also been very strongly involved in the privatisation of the NHS.

And I can remember the Financial Times reporting, way back in the 1990s, a scheme by the Tories and the insurance companies to launch special insurance schemes at workers to cover them if they were made redundant.

This is how the Tories and their backers in big business and the financial sector see poverty – not as something that should be removed, but as an excellent business opportunity. And so they are doing their best to cause more anxiety, to make people’s financial situation even more precarious, in order to make their friends and paymasters in the City even richer.

Till, like the figure above, they puke money.

Don’t let them do this. Don’t let them rob you of your house, to pay for your elderly relatives care – care that they’ve worked for and paid for through their national insurance contributions and tax.

Vote Labour on June 8.

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2 Responses to “Tories Plan to Rob Elderly of their Homes as Plan to Enrich Insurance Companies”

  1. Florence Says:

    Equity release is not the same as insurance. Using equity release to pay for care is already available and has many times been shown to be the worse possible use of a house for the elderly. They are essentially unpaid mortgages where the interest accrues along with the original debt, so any capital increase in value is eaten up by interest and charges. The resident can be forced out of the house at any time. Instead of banning these deals the May cabal want to force us to use them.

    Insurance will only be available to the young and fit or through workplace schemes. No one will insure a retired person.

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