The Dilnot Report on the future of Long Term Care (published yesterday) proposed a number of interesting changes to the current system, including a cap of £35,000 on an individual’s lifetime contribution towards care fees and the raising of the means-tested threshold to £100,000. This currently stands at only £23,250, meaning that the vast majority of a person’s assets and life savings can disappear in to the cost of providing care in later life.
This is a complex area in terms of financial planning and advice, and will continue to be so. However, the proposals in their current form look to be a positive step towards making the system fairer for all. Let’s hope the Government take this on board.
If you are affected by this, for example if you have a relative potentially in need of care, we are able to assist, with both David and Elaine qualified and authorised to provide advice on Long Term Care issues. Please feel free to get in contact.