However, few people understand just how much they should be paying and even less know that this increase also has an expiry date. The 1.25 percent increase should revert back in April 2023, a move which will see pensioners footing the unpaid bills from then onwards.

With the added funding, some social care aspects will be changing in the near future:

• Britons with assets less than £20,000 will receive free social care covered by the state
• Those with assets between £20,000 – £100,000 will need to contribute to their costs but can receive state support alongside this
• Anyone with assets worth over £100,000 will not be eligible to receive state support 
• The amount of state support received for social care will be capped per person at £86,000

DONT MISS: 

It has been said that the National Insurance rate increase will reverse in April 2023, when the extra tax and funding will instead be collected from those over the state pension age in the form of a new Health and Social Care Levy. 

This will see workers over state pension age, on state and private pensions alike, footing the bill for the gap in funding. 

Despite the rate rise only lasting for 12 months, many fear that the toll it takes will be too much for them to bear. 

In the midst of the current cost of living crisis, 18 percent of Brits are estimated to be already living in poverty. 

This increase could see thousands of low-income earners, who are currently scraping by, fall below the breadline. 

So, what should Britons expect to be sliced off their paycheques in the New Year, and who qualifies under the two classes exempt from this rate increase?

Those who meet the following criteria will not be affected by the rate increase:

• Workers over the current state pension age
• Workers under the age of 16
• Workers earning less than £184 per week
• Unemployed people
• Self-employed people earning a profit less than £6,515 per year