View the article online at http://citywire.co.uk/new-model-adviser/article/a658223
Gov't confirms £75k cap on long-term care costs
by Brian Cantwell on Feb 11, 2013 at 17:39
Health Minister Jeremy Hunt has confirmed government plans to cap long-term care costs at £75,000, and a new means test threshold of £123,000.
This means a person can hold £123,000 worth of assets and still receive support from the state for their care home costs.
The reforms will cost the £1 billion a year by the end of the next Parliament.
Hunt (pictured) also confirmed that the cost will be met in part by extending the freeze on the inheritance tax threshold at £325,000, or up to £650,000 for couples, by three years from 2015-16.
Hunt said: 'As we get older none of us can have any way of knowing what care needs we will eventually face.'
‘We want to accept a national eligibility test and set a standard so that no one should have to sell their home to pay for their care.'
News sponsored by:
As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.
Today's top headlines
Alastair Mundy met Citywire's Daniel Grote at the London Stock Exchange Studios for a detailed interview about the Investec Cautious Managed fund.
More about this article:
by Rosie Sells on Jul 29, 2014 at 13:53