{"id":21477,"date":"2021-10-21T14:25:37","date_gmt":"2021-10-21T14:25:37","guid":{"rendered":"https:\/\/smh.group\/?p=21477"},"modified":"2023-02-15T13:47:11","modified_gmt":"2023-02-15T13:47:11","slug":"paying-for-englands-social-care-reforms","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/paying-for-englands-social-care-reforms\/","title":{"rendered":"Paying for England\u2019s social care reforms"},"content":{"rendered":"<p><strong>In September, the government revealed its long-awaited plans to reform England\u2019s funding of social care, but many home care residents won\u2019t reap the benefits. <\/strong><\/p>\n<p>On becoming Prime Minister, Boris Johnson announced that he had \u201c\u2026a clear plan we have prepared\u201d to deal with the funding of social care in England. The statement was met with a certain amount of scepticism, if only because governments of every hue had a track record of failing to produce and\/or implement a social care plan.<\/p>\n<p>A little over 25 months after Mr Johnson\u2019s statement, he and his Chancellor, Rishi Sunak presented details of that \u2018clear plan\u2019, parts of which remain unclear. The main part applies only to England as the devolved nations each have their own different care funding arrangements.<\/p>\n<p><strong>The main features of the proposals are:<\/strong><\/p>\n<ul>\n<li>The plans will apply to anyone <em>entering care<\/em> from October 2023. Earlier entrants will continue under the current rules, even after 2023.<\/li>\n<li>There will be a cap of \u00a386,000 (index-linked) on the total care costs. This is not as simple as it seems: it applies only to <em>personal care<\/em> costs, not the \u2018hotel costs\u2019 of care (accommodation, food, etc.). The government\u2019s one example of how the new regime operates was based on hotel costs of \u00a310,000 a year \u2013 less than \u00a328 a day.<\/li>\n<li>The capital limit above which an individual must meet <em>all <\/em>their care costs (until the cap is reached) will rise from the current \u00a323,250 to \u00a3100,000 \u2013 a 330% increase.<\/li>\n<li>The corresponding lower capital limit, below which individuals are not required to use savings or the value of their home to meet care costs, will also rise, but by a more modest 40%, from \u00a314,250 to \u00a320,000.<\/li>\n<li>If individuals have capital between those two limits, they will be expected to make an \u2018income tariff\u2019 contribution from that capital, which the government says will be \u201cno more than 20 per cent\u201d. In other words, if an individual\u2019s capital is \u00a370,000, they could have to contribute \u00a310,000 in the first year (20% of [\u00a370,000 \u2013 \u00a320,000]).<\/li>\n<\/ul>\n<p>While the proposals will save some families hundreds of thousands of pounds, for others these changes will make no difference \u2013 many care home residents will not live long enough to reach the \u00a386,000 cap.<\/p>\n<p>If you need any assistance, please contact our <a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/financial-services\/\"><span style=\"text-decoration: underline;\"><strong>Financial Services<\/strong><\/span><\/a> team on <strong>0114 266 4432<\/strong> or <a href=\"mailto:info@smhca.co.uk\"><span style=\"text-decoration: underline;\"><strong>info@smhca.co.uk<\/strong><\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In September, the government revealed its long-awaited plans to reform England\u2019s funding of social care, but many home care residents won\u2019t reap the benefits.<\/p>\n","protected":false},"author":4,"featured_media":17118,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[16],"tags":[191,77,851,201,449],"class_list":["post-21477","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-services","tag-finance","tag-financial-planning","tag-health","tag-retirement","tag-social-care"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - 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