The savings limits for long term care (LTC) costs are set to rise in England and Wales in April 2003...
The savings limits for long term care (LTC) costs are set to rise in England and Wales in April 2003.
People with capital worth over £19,500, which includes savings, investments and often their home, will have to fund nearly all their care home bills.
At the moment, the Govern-ment contributes a maximum of £110 a week for the cost of any nursing care that may be required. It does not cover the cost of accommodation, personal care or any support services the home may provide.
Chris Ellicott, legal and technical manager at Age Concern Financial Partnerships, said the news raises the import-ance of LTC insurance: 'The Government is unlikely to follow Scotland and provide free personal care, meaning someone staying in a care home for four years is likely to spend £100,000 of their money paying for care.'
