Recent research by AIG Life has found that 69% of people think they will need care at some point in their lives with 76 being the most likely age that this will need to take place.
The survey of 3000 people in the UK asked about views on funding care. 48% said they were in favour of saving into a dedicated care fund so long as it was passed to their estate if it wasn’t fully used.
The government – in it’s current state of paralysis – has been unable to bring forward any solution to the social care funding problem. Not least because almost all of the solutions will need cross party support.
National Care Funding Options
Amongst the options being suggested are: Saving into a fund. Paying more income tax. Paying a social care tax. Paying more on assets or property. Increasing the retirement age and selling property.
The current funding care system requires the person needing help – or relatives on their behalf – to use up their savings, and sell their property if they end up having to move into a care home, down to a floor of £23,250.
9 out of 10 people have no plans to cover their care needs at present, but incentives could encourage more people to prepare to contribute to the cost.
About Deckchair Care
Deckchair Care are an independent, privately-owned care agency. We look after the elderly in Cheshire and South Manchester.
Read more about our care service
Thanks to ChatGPT for help creating and editing this article.
Deckchair Care are an independent, privately-owned care agency. We look after the elderly in Cheshire and South Manchester.
Read more about our care service
Thanks to ChatGPT for help creating and editing this article.