13th December 2017
Latest News on Social Care Cost Funding
The £72,500 cap on social care costs that an individual could expect to spend on his or her residential care, which was due to come into effect in 2020, has been scrapped.
It was originally brought in by the 2014 Care Act but has been postponed, probably due to the funding that would be placed upon Central Government for funding care costs in excess of that cap. The Government has announced that it will not be taking forward the previous plans to implement the cap on care costs in 2020. Instead, there is to be a further Green Paper in 2018.
What does that mean for those likely to face care costs in the near future?
The answer is that the current system which counts assets in excess of £23,250 will be used. But, there are the valuable exemptions for matters being taken into account, such as the family home where a spouse is in occupation, notwithstanding the fact that a spouse is in care, as well as the 12 weeks disregard of the house where a person is taken into temporary care.
To understand more about what types of planning work for long-term care cost funding and what types do not, please contact Edward Walter, Partner on T: 01892 502 320 or E: firstname.lastname@example.org