He said: “The ‘Dilnot’ cap on lifetime care cost is an important part of the answer.
“It is only fair to make sure that those who are unfortunate enough to face huge long-term care costs in later life do not face an unlimited bill, and a cap would make it more viable for providers to come forward with insurance products.
“We also need to think creatively about whether care insurance could be integrated into other financial products such as pension drawdown accounts which would help to broaden the group of people who are pooling the risk of facing huge care costs.”
Claire Walsh, chartered financial planner at East Sussex-based Aspect 8, agreed the cost of old age care is a growing problem.
She said: “The Conservatives tried to suggest some changes in the run-up to the election and we all saw how that panned out for them.
“It is tricky as it is an uncomfortable subject but we can’t bury our head in the sand.”