It has been reported that the amount of money that people will have to pay towards the cost of their care in old age is to be capped by the Government after a dramatic policy rethink by David Cameron.
The Government has reiterated its intention to cap care costs however we are still none the wiser as to what that cap will be with figures ranging from £35,000 – as recommended by the Dilnot Report – to a rumoured £75,000.
Consumers may be misled into thinking that once they have spent up to the cap, Local Authority will step in and pick up the bill. This isn’t the case at all as the cap only relates to care costs, not accommodation, food and other ‘hotel style’ services necessary to live. The Local Authority will only pay up to their published weekly limits, meaning that even if a person outlives their care cap, if the care home costs more than the Local Authority will pay, residents will still have to contribute.
Even if a figure was set today, it will do absolutely nothing to help people living in care now as it will not come into play for some years.
What should people do now?
Anyone needing care would be wise to plan ahead for their care future and Symponia is urging people facing care to seek financial advice at the earliest opportunity.
For an initial consultation service, please contact your local Symponia member:
01344 636 374 / 01189 821 710
A master Practitioner of Symponia and accredited member of The Society of Later Life Advisers. Protection & Investment Ltd are authorized and Regulated by the Finacial Services Authority (FSA).