{"id":19403,"date":"2019-06-20T10:45:01","date_gmt":"2019-06-20T10:45:01","guid":{"rendered":"https:\/\/smh.group\/?p=19403"},"modified":"2023-02-15T13:19:53","modified_gmt":"2023-02-15T13:19:53","slug":"another-take-on-long-term-care-costs","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/another-take-on-long-term-care-costs\/","title":{"rendered":"Another take on long-term care costs"},"content":{"rendered":"\n

A new set of\nproposals for funding long-term care has emerged from a significant source. <\/strong><\/h3>\n\n\n\n

The funding of long-term care<\/a><\/span><\/strong> is an issue that beats even Brexit in terms of protracted political procrastination.  A Royal Commission on the subject was established in 1997 and reported in 1999. Its proposals were rejected by the then Labour government as too costly. <\/p>\n\n\n\n

Since then there has been a steady flow of reports, reviews and even another Commission report (although not royal this time around). Over the last 20 years the system has become fragmented, with Scotland providing free personal and nursing care which the rest of the UK does not. The last attempt to introduce a new system in England did manage to reach the statute book, but its start date was deferred. The scheme was then abandoned entirely, shortly after the 2017 general election.<\/p>\n\n\n\n

That election featured a rapidly withdrawn\nproposal from the Prime Minister \u2013 dubbed a \u2018dementia tax\u2019 by opposition\nparties \u2013 that would have allowed everyone to retain \u00a3100,000 of assets,\nregardless of their total care costs. After the election a green paper on care\nfunding was promised, but it too has suffered frequent deferrals and, after\nseveral missed deadlines, is now only due to be published \u201cat the earliest\nopportunity\u201d. <\/p>\n\n\n\n
\n Total spend by type of care<\/strong>\n <\/td><\/tr>
\n Care type<\/strong>\n <\/td>\n Average weekly cost<\/strong>\n <\/td><\/tr>
\n Domiciliary\n <\/td>\n \u00a3252\n <\/td><\/tr>
\n Residential\n <\/td>\n \u00a3617\n <\/td><\/tr>
\n Nursing\n <\/td>\n \u00a3856\n <\/td><\/tr><\/tbody><\/table>\n\n\n\n

Source: Fixing\nthe Care Crisis CPS April 2019<\/em><\/p>\n\n\n\n

Into this limbo-land another paper has now\nemerged. This one came from a think tank, the Centre for Policy Studies, which\nis closely linked to the Conservative Party. The paper\u2019s author, Damian Green,\nis a former Secretary of State for Work and Pensions and Chair of the All Party\nParliamentary Group on Longevity. His ideas include scrapping the current means\ntest and, in its place, providing a Universal Care Entitlement (UCE) paid by\nthe state, which individuals could top up from their own resources and private\ninsurance. <\/p>\n\n\n\n

The main way of funding would be by an\nextra 1% on National Insurance Contributions for those aged over 50. However,\nsome experts have questioned whether this would produce enough revenue, given\nthe existing funding shortfalls. <\/p>\n\n\n\n

For the foreseeable future \u2013 although surely not another 20 years \u2013 the key remains to continue making sure your retirement provisions<\/a><\/span><\/strong> are sufficient to cover the quality of care you may require. <\/p>\n\n\n\n

Contact our team of Chartered Financial Planners<\/a><\/span><\/strong> on 0114 266 4432<\/strong> or info@smhca.co.uk<\/a><\/span><\/strong> to discuss your retirement planning in more detail.<\/p>\n\n\n\n

The\nvalue of your investment can go down as well as up and you may not get back the\nfull amount you invested. Past performance is not a reliable indicator of\nfuture performance.<\/em> <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A new set of proposals for funding long-term care has emerged from a significant source.<\/p>\n","protected":false},"author":4,"featured_media":16772,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[16,2],"tags":[183,285,77,283,284,244,247,19,286],"class_list":["post-19403","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-services","category-wills-probate","tag-brexit","tag-dementia-tax","tag-financial-planning","tag-funding","tag-long-term-care","tag-national-insurance-contributions","tag-retirement-planning","tag-tax","tag-universal-care"],"acf":[],"yoast_head":"\nAnother take on long-term care costs - SMH Group<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Another take on long-term care costs - 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