Posts tagged ‘Insurance’

Revealed….How Private Insurance Moves to Replace the Welfare State


Image result

Image Courtesy of Legal & General

 

I have in many of my blogs mentioned the fact that Insurance was to replace the welfare state, many still don’t think it will happen well listen up, it is around the corner and thanks to deregulation via brexit it going to happen, and would have happened sooner if EU law had not protected you. There will many who will live to regret the vote for Brexit.

The government has finally introduced it ugly game plan and they wont stop there as the same insurance company is linked to social care which is undergoing a review also.

Looks like insurance for care through legal and General. Names of independent experts invited by government to provide advice and support engagement in advance of the green paper:

Caroline Abrahams – Charity Director of Age UK
Dame Kate Barker – former Chair of the King’s Fund Commission on the Future of Health and Social Care in England
Sir David Behan – Chief Executive of Care Quality Commission
Dr Eileen Burns – President of the British Geriatrics Society
Professor Paul Burstow – Chair of the Social Care Institute for Excellence
Jules Constantinou – President-elect of the Institute and Faculty of Actuaries
Sir Andrew Dilnot – former Chair of the Commission on the Funding of Care and Support
Baroness Martha Lane Fox – Founder and Executive Chair of Doteveryone
Mike Parish – Chief Executive of Care UK
David Pearson – former President of the Association of Directors of Adult Social Services and Corporate Director for Social Care, Health and Public Protection at Nottinghamshire County Council
Imelda Redmond – National Director of Healthwatch England
Nigel Wilson – Chief Executive of Legal and General

Quotes Linda Burnip DPAC

Many income related benefits are being moved across to Universal Credit the governments flagship policy which is sinking fast as the holes in this policy are more flawed than the WCA where more complex claimant issues are exposing the holes in a policy which in theory was meant to revolutionise social security and catapult it into 21st century. Well now their focus are those on contributory JSA/ESA which they plan to be part of the Social Insurance Scheme and the only reason they have not done so already is quoted below

Had contributory benefits been abolished whilst UK social
security was bound by EU law, this would have exposed Universal
Credit (the significantly larger budget) to exportability. In light of the
British vote to leave the EU, however, there is now the possibility of
reforming contributory benefits without breaching EU law.

Employers and all those with a stake in this horrendous policy will not just be looking at savings made, but also the huge concern is denial when it comes to delivering on payouts as long as the state doesnt have to foot the bill. Insurance schemes around the globe are littered with claims of those who took out Insurance only to be denied it  upon making a claim leaving many no option but to be destitute or borrow money to take companies to court to get what was rightly their’s in first place. We keep hearing that state support isn’t sustainable, NHS isn’t sustainable yet majority of the country fell for the last National Insurance Scheme which isnt paying out either, due to an empty pot, which is incredulous really given some dont live to collect a state pension, and those who do never get payments reflecting the thousands they paid in over 40yrs of their worklife.

The only winners here are the banks who underwrite such policies. However Legal & General have Capita to manage the shareholders assets Capita’s Shareholder Services Team is available to answer any questions that you have in relation to your Legal & General shareholding.

and non other than….

  • Group Health and Safety Committee – Chaired by Ian D Smith – Head of HR, Shared Services.

It sure as hell is a murky business, this government is up to its neck and following it mantra “we are all in it together”

So whats the crack I hear you all say get to the point, well this is how it meant to work:

The larger the number of premium payers, the lower the risk profile across the total claimant

population and the lower the total cost of enrolment. L&G estimate
a cost of around 0.5% of payroll earnings at approximately £11 a
month. Total pay-out would be £900 a month for a maximum period
of one year, with a 50% replacement rate.6
After one year, a claimant would return to the state benefit system.
A total of £10,800 could be claimed via the social insurance product.
Ultimately this ‘rainy day guarantee’ has been designed so that a
claimant would receive more than they otherwise would have on
state welfare, and so that significant costs are delivered to both the
taxpayer and to employers.

Individuals
previously eligible for contributory JSA and ESA would fall into one
of three categories: ‘full Universal Credit entitlement’, ‘partial entitlement,’
and, finally, ‘no entitlement’. The projected annual savings
from individuals who fall under ‘no entitlement’ and have no welfare
claim would amount to £60m from JSA and £290m from ESA per annum. Total savings over the 2015–2020 period would come to
approximately £1.66bn

So when many breathed a sigh of relief they were not included in Universal Credit  , they soon will be under a different process.

Read Documents Here:

https://drive.google.com/file/d/1QBdAdIfZCAv4uC5L_zK8ozaPE0WCHxQj/view?usp=sharing

https://drive.google.com/open?id=1iuQAL0YlsiVS8ypZn3P3jQWEvou3eFA

Update: https://www.ft.com/content/cda0499e-9ba1-11e8-9702-5946bae86e6d

%d bloggers like this: