Elderly people will now have to pay £75,000 towards their care home bills before the government steps in to provide financial help.
The cap is the result of a new deal struck between the Department of Health and the Treasury. George Osborne has agreed to foot the £700m bill for the £75,000 cap, according to The Sunday Times. However, the figure is more than double the £35,000 cap recommended by Andrew Dilnot, the economist appointed by David Cameron to draw up a blueprint for the future of long-term care. Dilnot issued a report on the matter in July 2011. The chancellor is understood to have overruled the £35,000 cap because it would have cost £1.7bn, regarding it too expensive in the current economic climate. ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
