The cap on long term care costs is a welcome step towards improving the current system of funding care costs. However, the detailed regulations will introduce more complexity to the issue of care funding. Proper advice as to how individuals can fund their care will become even more important.
The £75,000 cap on certain care costs, along with the increase in threshold for means testing from £23,250 to £123,000 should provide a better understanding of what the potential liability may be for individuals planning for care. At the moment, the cost of care is unknown and potentially unlimited depending on the care required. Individuals will be able to plan ahead which will ensure greater choice and control when making important decisions about care when needed.
As usual, headlines report just a snapshot of the detail and the changes are not all they seem – they will not benefit everyone and are not the solution to the very serious issue this country has with regards to social care….but they are at least a start in the right direction.