LTC reform: what advisers need to know

Long-term care reforms are finally here. Social care costs (both residential and domiciliary) will be capped at £75,000 from April 2017. The means-tested threshold at which people receive government support has been significantly raised. Previously anyone owning assets under £23,250 in England had to pay for their own care bills. Now, anyone with assets under £123,000 will be eligible for state support. The reforms will be funded by an inheritance tax freeze at £325,000 for individuals and £650,000 for couples until April 2019 and the end of contracted-out state pensions. The refor...