Care costs soar for the elderly

 

The Government has just announced a huge shake up in care costs which will result in more people paying for care in later life than ever before.

The decision, that falls in line with various coalition decisions in a bid to cut the national deficit, will no doubt deal another blow to savings for the over 50′s, many of whom have in recent years seen interest rates impact badly on investments and pensions, as well as increasingly means tested, diminishing local services.

The sum of the decision amounts to a freeze on the threshold at which people qualify for free residential care, which is currently set at £23,250 - anyone with assets in excess of the threshold is expected to contribute until the funds fall under. Ordinarily the threshold would increase with inflation, to help take account of rising house prices, but the change is expected to see more people fall outside of the threshold in the coming years, amounting to more people having to pay for care for longer.

Age UK said the decision would ′cause many to wonder whether the Government thinks older people are immune to the effects of the recession or inflation.′

The Government has explained the decision as a move to allow local authorities to raise funds to finance the sector - official statements from the coalition insist that the move will have minimum impact on residential residents, with an average person paying for just one additional week a year and dismissing the accusation that more people will be forced to sell their homes in order to fund care.

When challenged in the House of Commons, David Cameron is quoted as defending the cuts: ′Far from cutting the money that is going into social care, we have increased by £2billion the money going into adult social care because we know how important it is.′

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