A cross-party inquiry by the Housing, Communities and Local Government Committee, which I sit on, and the Health and Social Care Committee has recommended that individuals and employers should pay a new contribution into a dedicated fund set aside to help pay for the growing demand for adult social care. The report also suggests that those who are judged as ‘in need of care’ could direct payments to loved ones, such as family members, so that they could be cared for by those who best understand their needs.
I welcome this initiative as I know that there is a growing elderly population in Thirsk and Malton who are worried about how their care will be paid for in times of most need. Despite the Prime Minister’s recent announcement that there is to be a further £20.5 billion for the NHS, that’s the equivalent of £394 million a week, the funding gap for social care is estimated to be around £2.5 billion in the next financial year alone. So we need a radical new system. This is why I fully support the proposed ‘Social Care Premium’, to be paid either as an additional element of National Insurance or with the premium paid into dedicated not-for-profit social insurance fund which people would be confident could only be used for social care. To ensure fairness between the generations, the premium should only be paid by those aged over 40 and extended to those over the age of 65, with the money being held in an independent, dedicated and audited funds, which will help secure public trust and acceptance for the measure”.
The simple fact is that we must find a solution for the one in ten of us who will face catastrophic care costs of over £100,000. In my view, this cannot mean a blank cheque for those in need or for the taxpayer. The proposed system would be simple, scalable and sustainable and operates very successfully in other countries such as Germany and Japan.