15:09 23 February 2013
With the economic condition getting worse and with the government trying to cut costs in places, the cost of care for the infirm and elderly seems to become more and more unaffordable.
In fact, recent government proposals included the option of encouraging the elderly to sell their homes and downsize into smaller properties in order to afford the growing costs.
Another suggestion is the option to raise the “asset threshold.” This means older people who have financial assets above £23,250 will be required to pay for their own health care. This may be increased to £100,000 through Dilnot Plan.
However, due to the perceived costs it posed to the treasury standing at over two billion pounds, the plans were shelved in mid-2012. In January, the discussions were re-opened and number of measures to help save money was talked about. This includes reducing the overall cost of the plan. Right now, there’s a proposal to double the cap from £35,000 to £70,000.
With all the discussions taking place, nothing is yet set on stone. Thus, it’s very important for individuals to stay updated with developments so they can make necessary preparations ahead of time.
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