Rachael Griffin, tax and financial planning expert at Quilter, said: "Having a clear vision on how much the government is willing and able to spend on social care will enable policymaking.
"At the moment all we have is an illusory green paper that seems to be a figment of our imagination, and even when it’s produced, it will be a series of ideas, rather than a concrete plan of how we are going to deal with the colossal challenge of funding long term care.
"Government needs to produce clear guidelines on how much the state will contribute towards a person’s long-term care and how so the wealth management and insurance industry can create products that will help remove the rest of the uncertainty.
"The weight of the concern of being able to pay for care should not be underestimated."
