Brexit seems to have taken the spotlight in UK politics leaving another very controversial topic hanging in the balance, how to provide elderly care. Recommendations and options on this topic have been discussed, but there is still uncertainty and delay on it’s reform. A long awaited green paper still has no release date two years after being first announced, some. The latest propsals from the Conservative think tank Centre for Policy Studies may give provide some clarity as to the government’s thinking.
Under its proposals, the state would provide a Universal Care Entitlement. Similar to the State Pension model, this would guarantee a “decent standard of care” for everyone regardless of their financial situation. Funding could possibly come from a 1% National Insurance surcharge on the over-50s.
There are also suggestions that individuals should be encouraged to purchase a Care Supplement to pay for higher levels of care. This would be similar to a care annuity or insurance policy, purchased using existing financial assets towards the cost of our own care. The ever increasing rise in life expectancy and continued decline in government social care funding brings a requirement for all of us to seek professional advice as to the care funding options available for a day when living independently may become difficult.
Contact our specialist Anne Reed today on 01822 612535 or firstname.lastname@example.org and see how she can help.