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Using housing wealth and other assets to pay for care
- Author:
- CENTRE FOR POLICY ON AGEING
- Publisher:
- Centre for Policy on Ageing
- Publication year:
- 2014
- Pagination:
- 82
- Place of publication:
- London
A rapid review on using personal assets, including housing wealth, to pay for care. The literature reviewed covers: wealth overviews and the wealth lifecycle; wealth inequality; housing as wealth; releasing equity from housing wealth; attitudes to housing, wealth and the release of equity; inheritance; the relationship between health and wealth and the trade-off between home ownership and welfare provision; housing and wealth as contributors to the funding of long term care; and international and comparative studies. The review argues that older people would prefer not to use their hard won housing assets to pay for long term care but, given the unacceptability of a pooled system either from general taxation, a compulsory up-front 'insurance' premium on retirement or a 'death tax', a scheme to pay for long term care as the need arises becomes necessary. It concludes that the care cap and universal deferred payment scheme provisions of the Care Act 2014 may well be the most acceptable way forward. (Edited publisher abstract)