How should long-term care be funded? Where is the money to fund long-term care? As we move closer to the forthcoming Green Paper on Social Care, the ILC-UK has today published a new report that seeks to provide a complete overview and introduction to this topic, cataloging, summarising and evaluating every single major model of long-term care funding out there. Although debate often makes this assumption, these models are not mutually exclusive and can be combined in multiple ways. The theme of the paper is therefore: ‘building blocks’. Hopefully this turn of phrase will help to frame discussion of each model.
On Wednesday October 29th, the ILC-UK is holding a major conference with the Actuarial Profession, called ‘Choosing Population Projections for Public Policy’. The conference has been made possible by the support of Swiss Re.
Earlier this month, the ILC-UK published research about how patterns of inheritance are changing. The research, which was undertaken in partnership with NatCen and made possible by a grant from Norwich Union, shows what many people would suspect: average bequests received are increasing. What perhaps is unexpected, and certainly suprised us, is the rate of increase: an increase of over 100% in less than a decade.
The issue of how to fund older people’s long-term care is one of the trickiest problems confronting policymakers. The only agreement is that reform is needed, and that demand for care will increase in coming decades. Models of state-funded universal free care for older people have usually dominated debate.