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Who needs care anyway?

Please note that since this article was published the Government has delayed the Social Care funding changes until April 2020.

Everyone’s talking about how older people are going to pay for their social care, now and in the future. Before we get our calculators out, we’d like to know the chances that we will need help with care in the first place.

If you’re browsing this website you’ve probably heard of Andrew Dilnot's Commission report and of the government's plans to overhaul the social care funding system in the UK. But as we ask friends and family, not many people seem to have digested the facts beyond this.

As with all proposed reforms, the plans are complex. At When They Get Older we are concerned about the issues that our parents are facing and about helping them. We wanted to take a step back and produce a series of simple graphics that break the proposal into bite-sized chunks so that it’s easily understood.

We've affectionately called the result “Digestible Dilnot”. We hope you enjoy it!

Before delving into the detail, we’re starting off this three-article series with “What is the likelihood of our parents (or us for that matter) needing care?”.

The Likelihood of Paying for Care
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Our lives are full of probability, and on the basis of probability we act or don't act. The Insurance industry is built on this fact. Will I buy mobile phone insurance? Will I buy life insurance? The answers to these questions and the subsequent decisions we make are entirely dependent upon balancing the on-going cost and the personal risk.

The financial services industry in the UK is now able to act on the proposals and develop new products based on the Government's recommendations to protect us if we want to be protected. We look forward to reporting on these new products as they launch.

But for now, it’s helpful for us to understand the likelihood of what our parents can expect to pay. We can then do our own financial planning with our parents, and most importantly put their minds at ease that they’re going to be fine and looked after for as long as they need. Because, let's be honest, it is the children of those that lose their estates that will suffer - not those whose care costs escalate! So it is us, the children, who need to plan and not make inheritance assumptions. Our parents need not worry.

Here then is our first question. Will our parents need social care?

Find out more

Read the Dilnot report in full.

Get more facts at Fullfact.org. These statistics are based on a simulation model from three leading universities (LSE, York and Kent)/ Whilst the statistics are not official this model is quoted by both Andrew Dilnot and Jeremy Hunt, The Secretary of State for Health.

Are you concerned about your parents’ future social care needs? How are you helping them to plan for the day when they need help? Let us know with a comment below.

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