The House of Lords economic affairs committee has launched an inquiry into social care funding to assess the effectiveness of different funding models, the shortfalls in delivery, and make recommendations on how future demands can be met throughout England.
The goal of the inquiry was to consider the funding challenges, and how they can be overcome, in the delivery of social care in England, according to Lord Forsyth, committee chairman.
“We will make our recommendations to Government in due course, but to inform our work we want to hear from as broad a range of people as possible. If you have a view on how the social care system can be improved in England, look at our call for evidence and let us know what you think,” Lord Forsyth said.
Several solutions for the social care funding issue have been raised such as the ‘Care Isa’ which is a capped savings product, exempt from inheritance tax and a ‘care pension,’ which is a mix of a drawdown and care insurance.
The Chancellor of the Exchequer, Phillip Hammond, said the upcoming social care Green paper would set out a number of proposals that will reflect different ways of delivering and funding the cap – a new proposal from the Government.
The committee is accepting submissions until 9 October 2018.