The majority of the public are not aware of their responsibility for covering their social care costs, or the likelihood of it happening to them. Likewise, the UK Government has been commissioning a series of assessments of social care funding over the last twenty years to explore how best to balance individual and state responsibility for these costs. With the ‘Freedom and Choice’ pension agenda allowing individuals to access their retirement savings more easily and the NHS increasingly under budgetary strain, it is essential that Government reform the system as soon as possible to clarify what individuals, providers, and Government will be expected to pay so that they can prepare accordingly.
Despite numerous attempts by successive governments to reform the system, social care remains in crisis and under constant pressure – both financially and in terms of demand. Actuarial expertise can support the government as it looks for ways to meet the evolving needs, demands and expectations of the health and care system.
Jules Constantinou - Past President