The Dementia Tax – Why More Will Pay For Social Care
We have analysed the Conservative Party Manifesto and have found this useful article on the BBC website that might explain the changes to Social Care funding announced last week. Nicknamed the Dementia Tax, it appeared at first glance to be a good thing as it offers an increased allowance of £100,00 of equity in your property before you are asked to pay for your own care. On closer inspection it increased the number of people who will pay it by including care at home, not just those needing residential care.
Why Your Home is Key
If you receive care in your own home it’s really only your savings and income which are taken into account at present and not your home.
But the Tory manifesto promises to change that. Instead, the value of your home may be factored in, no matter where care is provided.
Nearly three times as many people get help in the community from their local councils than get a funded place in a care home or nursing home, so that change will have significant implications, particularly for those with long term, degenerative illnesses, such as Dementia.
If you have a Will with us you may want to discuss what these changes mean with Matthew Porter, our Head of Private Client, or look at making a new Will, particularly if there is more than one of you involved.
Call us today on 01420 82881.