Potentially, another national insurance tax increase to pay for social care

So? Dead people can afford to pay more tax.

No it hasn't.

But the issue with hitting inheritance tax really is that actually all of that wealth has already been subject to tax.

I agree. I’ve told my children (young Adults) that the house is will be sold if we need care. It’s my biggest asset and my home will be the care home, so I don’t need two homes.

Ok 10%
Whatever works out.
Inheritance tax would sit on top as it is now.

So OP which none working people would you hit for the dosh ?

Elderly already have to pay if they have assets for care but most don't have enough

Childen don't have much assets and nor do those who can't work like the disabled , or those who can't work

Personally I would hit inheritance - because it's not something the beneficiary has worked for , and it's driving/supporting insane house prices for the first time buyer

3%? That won't fund much at all will it

I thought Reeves ruled out more tax rises after last hike and this would be a tax on ‘working people’

Is this likely?

I would not agree with an NI increase. Effectively this protects the inheritance of middle class families (like mine) and asks young people who cannot afford housing or proper pensions to pay for it. A better approach is to tax inheritance more. Though this is unpopular.

Maybe at least out it on income tax so that everyone pays not just those below pension age. Could also pop a bit of the rise on capital gains tax too -spread the burden to all.

I think there should be a 3% (or around about) tax on all estates of all values for anyone who dies over retirement age and social care should be free. We would be taxing the dead who don't need the money (just greedy children want it all) and relieving the worry of how to pay. Obviously if you want 5* luxury people can pay for that themselves, but good standard care could be free. Everyone pays a small amount after they are dead (can be deferred until partner dies is needed) whether they needed care or not instead of some people paying every penny they have and others paying nothing. This pays for care without further burdening the already massively stretched working population.

Of course there’s a difference between needing help with washing/dressing/‘toileting’ as they like to call it, plus general supervision and someone on hand 24/7 - and actual medical care, involving doctors, nurses, hospital treatment.

There’s a reason why nursing homes (where a nurse must be on duty) are usually more expensive than ordinary residential homes, though TBH people often call any care home a ‘nursing’ home.

You could do with another look at statistics to realise what is actually affordable for those who are retired.

By your calculations, everybody would need to pay £35k for this insurance you dream of.

The average annual income of a retired adult in the UK is £13,884. So suddenly that £35k is actually 3 full years of income, not particularly realistic?

And to add, LOTS of adults now actually have to use a chunk of their lump sum to pay off their mortgage, so those people don’t have the £35k to pay for cover to protect said house.

Oh would you? So how would poorer people deal with that? Disabled people? People whose careers and finances were decimated by lying cheating exes (that may be personal!).

"Are there no prisons? Are there no workhouses?" Ebenezer Scrooge.

Social Care is NOT just about older people. However the additional pressure has been put on social care by the fact we are living longer. But we are not necessarily living longer healthily.

I would back a raise if it meant we can fund social care properly, and I would back finding a way to ensure people remain as healthy as possible ie incentives etc.

The money has to come from somewhere.

Might add that I’ve no objection to people’s houses being sold to pay for care. In this family there have been 2 who were entirely self funded in their care homes - both suffering from dementia that eventually needed 24/7 care.

How will that be funded? It’s going to be pretty expensive so most people will be unable to afford it. Bringing us back to the original problem. A lot of people are also against homes being sold because they won’t get their inheritance.

@Toodaloo1567 "People who would not be able to afford premiums, or are in poverty, would receive their care for free anyway."

Which is the system the UK already has - except nobody recieves healthcare or social care "for free" because almost everyone has paid into the taxation pot at some point in their life through income tax, National Insurance, VAT etc.

"I think people are confusing the concept of an insurance product. What I propose would be similar to car, house, life insurance."

Anyone who believes that a lifetime heathcare/care insurance would ever be provided by any insurance company, and who compares this type of insurance with car insurance, clearly has no concept whatsoever about how commercial insurance works. The only possibility is a national scheme, funded by all of the population - which is what every developed country in the world has in one form or another (with the possible exception of the USA).

Exactly. A tax in all but name that only really applies to workers is a terrible idea.

I agree - income tax would be fairer and spreading over a larger number would mean less impact per person. I would also reduce the tax loopholes and exemptions.

I feel no more inclined to pay for my social care than my healthcare. Because quite honestly they are the same thing though we pretend they are not. I am actually not adverse to paying for both through insurance, or otherwise, but can see no moral justification for paying for one not the other. If we justify paying for social care privately (and we are well on the way to that) we will blindly stumble into paying for health care. Because there is no difference.

There used to be insurance available for the costs of long-term care.

It stopped when it became commercially unviable.

If insurers thought it was a good idea, I don’t think there’s anything stopping them bringing it back.

I think if we as a society are asked to pay more towards social care it needs to be everyone with an income, not just something put on NI.