With the UK’s social care provision in such turmoil, Justin Taurog, Vitality Managing Director at VitalityLife, tells us why he believes that an industry-wide approach to delivering solutions for clients is long overdue
Anyone with a relative suffering from a later-life illness – such as dementia, Parkinson’s or frailty – knows only too well the current situation of adult social care in the UK. Often stretched resources compete against ever-growing demands, leading to many older people having prolonged stays in hospital, causing issues for their family and public healthcare services.
Meanwhile, the high cost of care – typically around £100,000 for a condition like dementia (*) and in many cases much more – places a significant financial burden on individuals and their loved ones.
With this rise, the protection sector is in a unique position to do more to support clients prepare for their future.
Rising later life care demands
The medical advances made in recent decades mean that more of us are living longer, but at the same time, given the amount of people living with dementia is expected to double to 1.6 million by 2040** many of us are also more likely to develop or live with a later life illness or find themselves caring for a loved one with the condition.
Our own research also found that nearly half (49%)**** of the UK public are worried about the impact developing dementia will have on them, their health, their family and their finances.
Funding care
While most people expect to need some form of later-life care, we found almost 50%**** of people believe costs will be too expensive to afford and the reality is many do not make adequate financial provisions to cover the potential costs.
Despite the introduction of a UK government cap on the amount people have to stump up to cover part of their care costs (excluding residential care home fees)***** back in 2023, with some people forced to rely on savings or sell their homes to fund any care.
Rising to the challenge
With financial concerns being one of the biggest reasons people worry about developing later life conditions****, the industry is well positioned to talk about the solutions it can offer that can mitigate some of these financial stresses.
Equally advisers can work more closely with clients to build plans which help limit the financial sacrifices individuals and their families may have to make while protecting the assets they have worked so hard for.
Finally, products need to innovate and be designed with the understanding protection shouldn’t end once people hit retirement age. It’s something we looked at with our Serious Illness Cover which allows members to convert any unused cover into Dementia and FrailCare Cover at the end of their policy term if premiums are still being paid and up to date.
Sources:
* How much does dementia care cost? | Alzheimer’s Society (alzheimers.org.uk)
**Prevalence and incidence – Dementia Statistics Hub
***What are the costs of dementia care in the UK? | Alzheimer’s Society (alzheimers.org.uk)
****Research conducted by Opinium on behalf of Vitality, among 2,000 UK adults in January 2024
***** Care home fees cap 2025 | Government cap in England | Care UK
