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Danail Vasilev, Researcher at Reform, wrote an article in Public Finance on why pre-funded care is an attractive solution to address the problem of the UK’s ageing population.
He argued that having a pre-funded funding model for social care would be better than the current pay-as-you-go system in the long-term. The benefits are twofold: it would be more cost-effective and fairer to young generations. In the short-term, whilst funds were being built up, funding for social care could be achieved through scrapping the winter fuel allowance, the triple lock and by tapping into the housing wealth of older people.
“Bold, radical reform such as this can ensure better social care for generations to come.”
Read the full article here.