A pension-style model is the most effective way of fixing the social care crisis, a new report from a think tank has argued.
The Centre for Policy Studies (CPS) argues a pension-style system is the most viable and sustainable way of reforming elderly social care. It argues this model - proposed by Damian Green MP for the CPS - would increase supply and better protect people’s assets.
Fixing Social Care finds that nationalising funding for the system as proposed by the Labour party is the most expensive option, while the system proposed by the Dilnot commission is the least politically palatable as many people would be forced to sell their homes to pay for care.
Report co-author, Jethro Elsden, said: ‘It is now urgent that we reform the social care system. The coronavirus crisis has underlined how precarious the current funding situation is. We cannot continue to go on talking about reforming the system but never getting round to actually doing it.
’If the social care sector is going to remain viable and begin to create the extra capacity to meet rising demand, both for domiciliary and residential care, then we urgently need to reform the way the system is currently funded.’