The Care Bill received Royal Assent on 14 May 2014 becoming the Care Act 2014.
The provisions of the Act will cap and individual’s contribution to the cost of residential care and raise the capital threshold at which people are liable to contribute towards the costs of care. Final figures and implementation dates are not yet available. It is anticipated that the threshold for support will be increased to £123,000 based on implementation in April 2017 and that the cap will be £72,000.
There is currently no safety net to protect people from losing everything they have saved up and worked for in their lifetime. 16% of older people will have care costs of more than £72,000 whilst one in 5 people will have not care costs at all. No-one knows what their future care costs may be so the changes will go some way to improving things.
We will track this legislation. Watch this space for further updates.