One in seven pay more than £100,000 for care

Monday 21st November 2022

In September 2021 it was announced that ever-increasing care costs which result in more than one in seven paying more than £100,000 would be tackled by a massive reform of the rules.

The plan was to limit the contribution made by somebody to £86,000 (the equivalent of three years care) and this was to be in force across England by October 2023.

However, the current chancellor (Jeremy Hunt) in his Autumn 2022 statement, has delayed the reforms until at least 2025 and some believe this may be a precursor to the reforms being scrapped altogether.

With this in mind and the estimate that over 500,000 people in the UK are awaiting social care assessment, payment or review it’s worth considering what your options are now.

If you are part of a couple and own your home it can be as simple as updating your Will to include an occupation clause. For a small cost now you could save your loved ones thousands in the future, giving you and them peace of mind that something is in place.

You may also want to consider preparing Lasting Powers of Attorney so that you know if the time comes for care to be considered, the people who you trust most will be making the decisions if you cannot.

If you want any advice on tackling care home fees or who can make decisions for you when you are no longer able to please get in touch with me or one of my colleagues in the Private Client Department.

Jessica Bird, Solicitor, Private Client Department