According to a new report due out on Monday from the Institute and Faculty of Actuaries just 8% of men and 15% of women entering care aged 85 today are likely to reach the new social care cap.
Simon Bottery, Director of Policy at Independent Age, said:
“Most people will not benefit from the £72,000 cap on care costs, and the extent to which you benefit will depend a great deal on where you live. The cap helps avoid “catastrophic care costs” for people who go into a care home for a long time but does not solve all the problems in the care system. As the report says the care cap will not replace savings and housing equity as the key means of paying for care.”