The Social Care Question

Evidence suggests around three quarters of us will need some form of support in our old age, combine this statistic with the fact that our population is “ageing” and it is clear that care of the elderly is a very important issue.

Unlike NHS care, such help and support is not free - there is simply not enough money for it to be free..

So, how much should such care cost an individual? And how is it/how should it be regulated?
Well, essentially that is 'the social care question'...! The degree of care needed (part time/full time), savings and the availability of care home spaces/carers are all considered. To see a more interesting and detailed breakdown of how the system works click here (Source: BBC)

For one in 10 people these care costs could amount to more than £100,000 over a lifetime. Costs like these mean that some people are forced to sell their homes or use up their life savings to pay for help in their old age.

The government’s intention is to cap the costs - at £75,000 - however this is more than double the £35,000 suggested cap based on careful consideration and calculation by an independent commission two years ago.

Although still a considerable amount, it is believed that at £35,000 people would engage and begin to plan for old age however at £75,000 there is a danger that the public might not do so as the figure is simply too high and they’re better off running the risk of not investing.

If people began to invest the insurance industry would follow suit, developing policies knowing that any catastrophic costs would be covered by the government.

To conclude, the economics is over my head in truth but I think the problem in question is very simple - how are we going to provide care and support for the elderly in the future? The current government hopes to address this growing problem and I am interested to see what their final suggestions will be. It is thought that a plan will be mapped out properly in the next month.