The ‘cap’ on the cost of care to be introduced under the Care Act in 2016 will not prevent people having to spend huge sums on their care.
This was the conclusion of a report by the Institute and Faculty of Actuaries, who reckon many people will spend £140,000 of their own money (and some double that) before the ‘cap’ of £72,000 kicks in and the state takes over.
It’s regrettable that politicians have tried to hoodwink the public about the cap, which will in reality benefit only a few thousand people each year. The new system is even more complicated than the old one, and no less arbitrary and unfair. The sober and unexcitable actuaries – the ultimate number-crunchers – have told it like it is, and we expect this issue to be pushed back onto the political agenda after the general election. In the meantime, this is one issue on which people really must get expert advice.