The head of the NHS has said that the homes of pensioners should cover social care costs rather than taxing those of working age.
Comparing the circumstances of the older generation to so-called millennials, Simon Stevens said that the wealth they’ve gathered should fund their care, given the “relatively advantaged position” they’re in.
Speaking in the House of Commons inquiry, Stevens highlighted the public view of intergenerational fairness, suggesting that the sustainable way to increase resources would be to make use of the property assets which the older generation has accumulated; a figure totalling approximately £1.5 trillion.
He also considered the alternative of increasing the tax for people of working age, stating that if this were to be proposed, letting retirees maintain the value of their property would be “a difficult argument to win”.
As well as drawing attention to the growing prominence of the pressure on social care, his comments support local schemes which involve councils being able to reclaim the cost of care from the sale monies of the person’s property.
A green paper is set to published on the matter this year, looking at the challenges posed by an ageing population and considering proposals to be implemented which work in the long term.
One Response
Of course you should use the value of all of your assets including your house to pay for care. Why should anybody else pay for it. Families need to take care of their old folk. Either sell or let out the parent’s home. Let out the house of the younger family who can give care. Use the income to buy or rent a larger property they can all live in and contribute to the increased costs(buy in as much help as needed/affordable). Old folks live with loved ones. Youngsters learn about looking after a grandparent. Children have the satisfaction of doing the best for their parents. It may only be for a few years. Siblings who don’t volunteer may complain their inheritance is reduced – tough. The government could help by not taxing the rental income on property let out for this purpose.