Theresa May had promised, in her manifesto, that older people will not receive a cap on their social care costs but those with as much as £100,00 in savings and assets will no longer be required to pay for their social care.
As it stands, care home residents with savings and assets (including the value of property) worth less than £23,250 do not pay for their own care but the party’s manifesto pledge sees this wealth threshold increase by more than four-fold to £100,000.
The manifesto states ‘no matter how large the cost of care turns out to be, people will always retain at least £100,000 of their savings and assets, including value in the family home’.
Those in care homes, whose property is means-tested, will be able to defer the cost of their care until after they die with money claimed by the Government from their estate.
But today, Theresa May has confirmed that proposed changes to social care funding in England will now include an “absolute limit” on the money people will have to pay. She said “And you will never have to go below £100,000 of your savings”.