16 Feb '11, 10pm

Baby boomers 'must pay for own elderly care'

LONDON - The post-war baby boom generation in Britain "has done pretty well for itself" and should be prepared to use its property wealth to pay for care in old age, a government adviser who is drafting plans to reform the elderly care system has said. Mr Norman Warner, a former Health Minister, is on the three-person commission tasked with making the recommendations on funding long-term care and support for elderly and disabled adults. He said it would be unfair to expect the working population to foot the bill for looking after their parents' ageing generation. And he warned that the "squeezed" middle-classes face potentially the greatest burden, amid concerns that it is already too late to help ease the "catastrophic" costs likely to hit the recently retired. Mr Warner called on insurance firms to develop "creative" new products to allow pensioners to protect themselves...

Full article: http://www.todayonline.com/World/EDC110217-0000219/Baby-b...

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