Baroness Altmann said the government should ensure a better safety net for everyone and also consider ways to help people fund later-life care.
This could take the form of a "social insurance contribution, which everyone pays into", similar to a national insurance contribution.
"There should be ways of helping people fund care, whether that's part of a pension or care pension, or perhaps a care ISA fund to help people build up funds for later-life needs," she explained.
We surely learned through the pandemic that social care is the poor relation of our brilliant National Health Service."
She added: "For decades we have had white papers and green papers and consultations, but the regulations that were needed were never introduced in practice.
This is, for me, a great sadness and an indictment of our system. We have been world-leading and world-beating in the vaccine, and yet when it comes to looking after the frailest, most vulnerable people in the UK, somehow it has not been even close to the top of the priority list.
I want to see a proper national system that helps people save for their own care. It is as important as pensions. We have trillions in pensions but there is almost nothing earmarked for later-life care, if people need it."
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