The government's £75,000 long-term care (LTC) cap is too complicated and "discriminates against self-funders", according to one adviser from charity Independent Age.
Garry Macdonald, a guest on a BBC Moneybox Live show which aired yesterday on Radio 4, argued that the £75,000 cap, which will be implemented in 2017, discriminates against self-funders because it will only pay costs equivalent to the average in the recipient's borough. "[The government is effectively saying] we can provide care for you if you choose a place at the standard rate for a care home. If you choose a care home that is £100 more, that extra £100 will not count towards you reaching the cap," he said. The cap came in for more criticism when the panel began to discuss what it a...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes