How pensions can meet consumer needs under the new social care regime

Posted by on May 27, 2014 in Active & Supportive Communities, Home Page, My Support My Money | 0 comments

This report from the Institute and Faculty of Actuaries finds that just 8% of men and 15% of women entering care aged 85 today are likely to reach the new social care cap that is being introduced in 2016. It argues that although the cap is set at £72,000, on average people are expected to spend around £140,000 on care costs before reaching it, which can increase to around £250,000, even allowing for the cap, if an individual is in long term care for 10 years. It also found significant regional variations in expected care costs and the time it is expected to take for the care cap to apply.

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