The UK is set to unveil plans in the coming days to reform social care funding through an increase in national insurance contributions and a Dilnot-style cap on individual care costs, according to national media.
The Telegraph reports the government could hike national insurance by between one and 1.25 per cent – paid by employers and employees - to implement a cap of between £60,000 and £80,000.
The cap will set the amount an individual can spend on care costs during their lifetime before the state steps into pay.
The measure is aimed at reducing the amount of people who are forced to sell their homes to cover their care costs.
In its 2019 manifesto, the Conservatives pledged that people would not have to sell their homes to fund later life care.
"My job is to protect you or your parents or grandparents from the fear of having to sell your home to pay for the costs of care," Boris Johnson said in July 2019.
"We will fix the crisis in social care once and for all with a clear plan we have prepared to give every older person the dignity and security they deserve," he added.
The Telegraph also reported government spokesmen had stressed that a final package has yet to be signed off, with late changes possible.