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Centre for Policy on Ageing | |
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Social care
— a prefunded solution | | Author(s) | Danail Vasilev |
| Corporate Author | Reform |
| Publisher | Reform, London, June 2017 |
| Pages | 42 pp |
| Source | http://www.reform.uk/wp-content/uploads/2017/06/So... |
| Annotation | The Commission on Funding of Care and Support, (launched in 2010 and overseen by Sir Andrew Dilnot) recommended a cap on social care costs, a version of which the Coalition Government accepted and scheduled implementation for 2016. After the May 2015 general election, reform was postponed until 2020. Following the Budget and then the general election in 2017, another consultation (Green Paper) is being proposed. This paper from Reform makes the case for replacing the current 'pay-as-you-go' (PAYG) approach to financing later-life care with a pre-funded social insurance arrangement. Under Reform's proposal, working-age people would contribute a percentage of their income into a Later Life Care Fund (LLCF). These pooled savings would then be managed privately, before being used to fund the care costs of those contributing. This report describes how pre-funding and its implementation would work. In its conclusion, the report notes that, under significant financial strain, local authorities have cut the number of people receiving state-funded social care support; and partly as a result, unmet needs are on the rise. |
| Accession Number | CPA-170627001 E |
Data © Centre for Policy on Ageing |
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| ...from the Ageinfo database published by Centre for Policy on Ageing. |
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