New research by the Fabian Society has revealed a £10bn black hole in support for the elderly.
The report by the left wing think tank predicts the funding gap will soar over the next decade.
Andrew Harrop, general secretary of the Fabian Society said: “As a country we need to spend billions more each year to support frail pensioners both because the number of people who need care is rising so fast and because the help on offer today is so inadequate.
The £10bn figures includes £5bn for supporting 1.2m people on low and middle incomes to carry out daily tasks, £1.5bn on NHS rehabilitation services, £1.3bn on adequately funding council paid care home places to prevent cross subsidies and top-up charges, £1.2bn on tackling social isolation and preventing needs arising, and £0.9bn on improving specialist housing.
The Fabian Society predicts spending will need to rise to around £40bn and £60bn by 2030 to keep track with current levels and respond to rising demand, respectively.
Andrew added: “Labour can lead on this agenda because it is the only party with the courage to say that big spending increases will be essential each and every year. The party needs to explain where the money is coming from, but with a clear new offer it can convince the public that only Labour will provide the support and dignity older people deserve.”