Many of us as we get older will need help from social care to help with things like washing, dressing and preparing meals. But paying for care can be hugely expensive and many people find themselves having to spend all of their savings for this support in later life. The Government is proposing introducing a lifetime cap on care costs in a bid to help those facing catastrophic care costs.
What’s being proposed?
Once an individual spends £72,000 on their care the Government will take over paying their costs. The idea is that this will protect people from using up all of their savings in order to fund their care. Alongside this, people will be able to keep more in savings before being eligible for financial support. Watch our film to find out more.
Whilst this sounds like a good idea in theory, there are several issues with the proposal that affect how the cap will work in practice for older people.
Firstly, you have to be assessed by your Local Authority as having high enough needs to be eligible for care (information from page 23.) This means the cap will only apply to people with higher support needs, and money people have already spent on their care won’t count towards the cap.