ABSTRACT
The most viable and secure approach to long-term elderly care is by long-term savings accounts (or through insurance) and other financial instruments, including house ownership. Savings accounts would be specific to every individual, held for life and be used to pay for all care services in a market. This is a creative and viable approach. Personal budgets funded by tax reductions, supplemented by long-term savings, insurance or other personal asset accumulation would be a more secure model than the present fragile local government funding model. The author's concern in considering funding and provision is with Hayek’s perspective of the self-responsible and financially empowered adult. One who is learning to choose in an adaptive, incremental, trial-and-error market. A market where we each make every effort to provide the necessary funds for ourselves and our families out of our own incomes and savings (with taxes reduced) or investments in insurance and other products.
