A government cap of £75,000 on long-term care (LTC) costs reported yesterday will benefit 'very few' of the people actually in LTC, according to advisers and industry experts.
The cap is reported to be the result of a deal struck between the Department of Health and the Treasury. It is believed that George Osborne has agreed to foot the £700m bill for the £75,000 cap. This follows recommendations made by UK economist Andrew Dilnot in a report on long term care issued in July 2011. Dilnot recommended that the government put a cap of £35k on care - the £75k figure is therefore double Dilnot's recommended amount. The move was described by as "a step in the right direction" by Society of Later Life Advisers (SOLLA) chairman Tish Hanifan. Hanifan added: "...
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