Collapse of social care system by 2029 predicted due to funding crisis
28 February 2020
The Daily Mail has reported that social care faces collapse in 2029 unless the government intervenes, according to the ‘Elderly Care Crisis’ report from Irwin Mitchell. The report states that action is needed or a tipping point will be reached in the near future when people are unable to afford care and councils will have a lack of funding to look after them. The report calls for an overhaul of funding, including raising the £23,250 wealth threshold at which financial support currently kicks in, to help elderly people struggling to pay massive care bills. The report further states that equity is increasingly held up in peoples homes and advocate for housing wealth to be included in retirement plans. It states that there needs to be a change in stamp duty to convince elderly people to free up equity in their homes and provide a source of care funding. Former Pensions Minister Ros Altmann says Pensions are designed to support independent living, not the sharply higher costs of care. This important report uncovers many of the consequences.
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