The cost of care has been a consistently controversial issue over the years. Over 200,000 homes are sold or charged every year to pay for long term care fees, and many people who need care end up losing the majority of the assets they’ve worked hard for throughout their lives just to be able to afford their treatment.
In 2015, the former Prime Minister David Cameron announced that there would be a delay to their flagship policy to introduce a cap on care fees, which would be in place by 2020. However, the government have now declared that a new consultation paper will be published in the summer of 2018- the cap by 2020, on the other hand, has been ruled out.
Earlier this year, Theresa May came under fire for her announcement that there were plans to scrap the fee cap entirely, but backed down following immense public pressure; now, it seems, there is yet more uncertainty as to what exactly we can expect to pay in fees for long term care.
So, most importantly, how does this affect you?
It is estimated that Britain will need another 71,000 care home places within the next 8 years to meet the growing demand for long term care. If the cap was introduced by 2020, this would mean anybody requiring long-term care would eventually have their care subsidised once they had paid enough.
Now that the cap has been put on the backburner, however, it seems as though the current dire state of care in the UK will remain the same. Those who need care will be required to pay extortionate amounts in fees; this will be paid for from savings, assets and even the family home. This could affect any one of us, but there are ways to legally reduce the losses to your estate.
By making the Right Will in advance, you could protect your home, savings and more and ensure they are passed on to your loved ones after you’re gone. In the event of you going into care, you may be able to legally avoid immense losses to your estate by making the right preparations sooner rather than later- and with this recent announcement, there’s never been a better time to act.
Speak to Accord Legal Services on 01744 807048 for impartial help and advice, or to book a free, no obligation home consultation from one of our expert Will Consultants.
Accord Legal Services have over 100 consultants nationwide, and are voluntarily regulated by the Institute of Professional Will Writers.