Elderly Care Costs 'Will Be Capped At £72,000'
19th July 2013
A new £72,000 cap on residential care costs should benefit one in eight people, the government has said.
People with expensive care needs will have their savings and home protected and will be better able to prepare for future healthcare as a result of the plans, which were unveiled by Care and Support Minister Norman Lamb today (July 18th).
From 2016, anyone with assets under £118,000 will also receive additional financial assistance, while a scheme to prevent people from being forced to sell their home will be implemented from 2015.
It is hoped that this cap will resolve the crisis in elderly care currently afflicting the UK, with people facing unlimited care costs and having to sell their assets to deal with increasing care costs. It is also intended to encourage insurance companies to provide products that cover elderly care costs and to encourage the general public to save money for old age.
So far, £335 million has been earmarked to cover the costs of implementing the cap and providing deferred residential care payments.
Age UK charity director Michelle Mitchell pointed out that the large cap reveals only a small number of elderly people will receive financial support – those people who have expensive care needs for a long period of time.
Personal injury compensation and later life clinical care
The cap may impact the overall size of clinical negligence compensation cases and other personal injury claims, as the maximum yearly medical expenses claimants will face should be £72,000. This may mean it is easier for personal injury solicitors to recover all the expenses clients will face in the future, allowing claimants to feel confident that they have received the money they need to get by.
Make a personal injury compensation claim
Clearwater Solicitors can help you in your personal injury compensation claim. Speak to our specialist laywers today by calling 08000 430 430 or filling in our online enquiry form.