Rising Cost Of Care Will Erode Pensioners Wealth

old age home

old age home (Photo credit: jaded one)

A joint report from the Department of Health, Department for Work and Pensions and Department for Communities and Local Government will warn this week that a rising number of elderly people face losing “almost all of their wealth” to pay for social care. The report warns that the country may not be able to afford to fund a £35,000 cap on care costs amid a rapidly expanding population. The submission notes that by 2030, the number of pensioners is forecast to rise by 51%, while the number of disabled older people is expected to increase by 61% to 4m. The Government predicts that these rises will lead to unprecedented pressure on the NHS, councils and the state pension system. As a result, the report estimates that number of older people forced to rely on families and friends for help with care costs will double by 2030.

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Resident with Grant Shapps

Resident with Grant Shapps (Photo credit: Hightown Praetorian)

Grant Shapps, the Housing Minister, is to give details of a “pay-to-stay scheme” under which wealthier social housing tenants will lose all or most of their rent subsidies. The aim is to release scarce social housing for the four million people on waiting lists. Tens of thousands of council tenants with an income of more than £60,000 could be evicted or have to pay more rent. The Times pictures the RMT’s Bob Crow, who they say falls into this bracket. The Telegraph points out that middle income workers such as teachers and police officers could also be forced to pay full market rates.

So what is view on this proposal?


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