Many people rely on the current social care system to take care of them in old age. In Scotland we can receive free personal and nursing care in old age if eligible, or help funding care from our local authority.
By 2031, almost one in four people in Britain will be aged over 65 and many will rely on the social services system to provide their care. Unfortunately, however, those relying on this for the future could be in for a rude awakening.
Paul Burstow, Minister for Care Services, has issued a warning that in the future, the public should be prepared to cover their own care bills. Workers could soon be asked to save towards the cost of their own care and tosupport themselves through out their old age by contributing more to pension funds or insurance schemes.
The warnings were issued after an international study concluded that the cost of caring for elderly and disabled people in industrialised nations could treble by 2050. The Organisation for Economic Cooperation and Development has also produced estimates that within the next three decades, the costs for the elderly and disabled will double.
A government led commission has said that individuals who are looking to fund care may have to find more money than previously budgeted for, as residential and homecare costs for the aging population look set to rise dramatically in the next 20 years.
The announcements have caused some worry in the sector, however perhaps surprisingly, research conducted through focus groups shows that most people questioned would be happy to contribute to the cost of their care, with insurance and pensions as the favoured methods of planning and saving for any future care costs.
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