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Those who are looking for the opportunity to cap the amount they have to spend on care costs do still have the option to buy a care fees payment plan (sometimes called a care annuity).
If affordable, this type of plan secures a guaranteed income for life and means that the balance of the estate is protected against future, ongoing care costs.
There are two versions of the plan – one that you buy with a lump sum, up front payment which starts paying an income straight away…Read More
Plans to cap the cost of care at £72,000 have been shelved until 2020 after lobbying from cash-strapped local councils.
The Department for Health said in an announcement that it was still ‘committed to implementing the cap on care costs’ but the implementation date would move from 2016 to 2020.
The change in deadline has come after lobbying from the Local Government Association (LGA), which represents councils. The LGA is concerned that councils, which have been hit by budget cuts, will not be able to afford to…Read More
While the introduction of the £72,000 limit on care spending has been widely anticipated, Partnership has warned that many consumers may need to spend the equivalent of the value of their home before they reach it.
The typical English homeowner would need to spend £177,500 on social care costs over more than six years before they hit the cap, according to Partnership, which calculated this is equivalent to 92 per cent of their housing equity (£193,426).
Under the new system, while a person in England may spend…Read More
Dementia Pathfinders Community Interest Company is a social enterprise providing health and well-being services for people with dementia and their families and delivering education and learning programmes for people working in the dementia care field.
They value perspectives and experiences of people with dementia and their carers and supporters. They endeavour to work with integrity to ensure that the services they deliver truly reflect the needs and wishes of people with dementia, their carers and supporters and people affected by dementia in communities and organisations.
Take a look at their Read More
According to a report issued by The Strategic Society Centre think-tank, people in Britain are ‘oblivious’ to the cost of adult care and the likelihood of their own need for care in the future.
Nearly half of all respondents to a survey said they did not know the average weekly cost of a place in a residential care home. Of those that did answer, the mean figure suggested was £396.58 – around £140 below the average fee of £531.
Then you are in the minority.
Research recently commissioned by the Financial Times suggests that the care cap of £72,000 – intended to bring clarity and certainty to long-term care from April 2016 – is poorly understood, with thousands of people dangerously overestimating the new state safety net.
The FT commissioned a poll of people likely to need care in the next few years. The results showed a high level of confusion over what costs will be covered, leaving many at risk of a financial shock.
Amongst the…Read More
An article published today by Daniel Martin, the Daily Mail’s Whitehall correspondent, highlighted further shortcomings of recent social care reform. He points out that, regardless of your financial position, entitlement to state help will only apply if your care needs are deemed ‘substantial’.
This is likely to leave many people without the state assistance that they thought they would receive.