>A joint Institute for Fiscal Studies and Health Foundation report said older people with modest levels of wealth will be hit hardest, facing “catastrophic costs”.
Those with assets including their home of £75,000 to £150,000 face the biggest loss of protection.
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>Someone with around £110,000 in assets could lose 78% of their total wealth even after the cap is in place, while someone with £500,000 could use up only 17%, according to the study.
This is a genuine question:
I am under the impression that there is currently no cap on care costs, as in the total cost to you can be unlimited and essentially bankrupt you right now.
Is some limit (even a bad limit) not better than the current sustem? This is one of the few Tory policies I actually supported…
I worry about my parents’ lives being ruined by never ending care payments.
My mum bought a share of a flat in a retirement village (with large balcony) and she qualified for council-funded care provided by the village using their own staff as she had less than £20k savings. I wish more families would consider retirement villages as an option so they don’t have to pay extortionate amounts for care. We didn’t have to sell her flat or use her savings to pay for care and she ended her days there with x4/day care package. The village has so many benefits including utilities included, it’s always toasty warm throughout the building, she got tons more exercise because it’s all indoors, family and friends can visit any time, they have onsite restaurant, hairdresser and entertainment, free washing machines as well as their own in the apartment and onsite service laundry for a small fee. They laundered her bedding for free when she was terminal and returned it to our door in an hour.
They have rubbish chutes so you don’t have to carry stuff outside and when we were clearing her flat after she died it was invaluable not to have to load our cars with all the perishables, etc. We could grieve as we needed.
3 comments
A little reminder:
>A joint Institute for Fiscal Studies and Health Foundation report said older people with modest levels of wealth will be hit hardest, facing “catastrophic costs”.
Those with assets including their home of £75,000 to £150,000 face the biggest loss of protection.
>
>Someone with around £110,000 in assets could lose 78% of their total wealth even after the cap is in place, while someone with £500,000 could use up only 17%, according to the study.
This is a genuine question:
I am under the impression that there is currently no cap on care costs, as in the total cost to you can be unlimited and essentially bankrupt you right now.
Is some limit (even a bad limit) not better than the current sustem? This is one of the few Tory policies I actually supported…
I worry about my parents’ lives being ruined by never ending care payments.
My mum bought a share of a flat in a retirement village (with large balcony) and she qualified for council-funded care provided by the village using their own staff as she had less than £20k savings. I wish more families would consider retirement villages as an option so they don’t have to pay extortionate amounts for care. We didn’t have to sell her flat or use her savings to pay for care and she ended her days there with x4/day care package. The village has so many benefits including utilities included, it’s always toasty warm throughout the building, she got tons more exercise because it’s all indoors, family and friends can visit any time, they have onsite restaurant, hairdresser and entertainment, free washing machines as well as their own in the apartment and onsite service laundry for a small fee. They laundered her bedding for free when she was terminal and returned it to our door in an hour.
They have rubbish chutes so you don’t have to carry stuff outside and when we were clearing her flat after she died it was invaluable not to have to load our cars with all the perishables, etc. We could grieve as we needed.