Anyone hoping that the proposed Government cap on the cost of elderly social care will ease the financial burden of old age is sadly mistaken, a new report warns.
The report, from the Institute and Faculty of Actuaries (IFoA), has warned that in fact it will benefit only a small minority of people.
One of its authors told the BBC that the cap, which does not cover living expences or accommodation but relates to the amount a local authority spends on care, “is there to protect against catastrophic care costs and we estimate that few people entering care aged 85 years will reach it.”
Thomas Kenny added: “Anyone who is expecting that the cap will pay for their care is in for a shock.”
