People in Wales will now be able to retain up to £40,000 of their savings before having to pay for their care home.
In changes which came into effect yesterday, the capital limit, which determines whether someone pays for the entirety of their residential care, was raised to make it the highest in the UK.
For the local authorities who charge for residential care, the Welsh Government’s Programme for Government commits Ministers to raise the capital limit from £24,000 to £50,000. This is for the current assembly term, set to run until 2021.
The limit will be increased gradually, with the threshold rising to £30,000 in April 2017, it now stands at £40,000.
The extent of the limit can be compared to that of England; here, individuals must fund their own care if they have capital and savings which exceed £23,250.
Social Care Minister, Huw Irranca-Davies stated: “This is the second step in delivering one of our top six ‘Taking Wales Forward’ commitments to more than doubling the amount of capital a person in residential care can retain without having to use this to pay for their care.
“From today, the capital limit is rising from £30,000 to £40,000, thereby allowing residents to retain a further £10,000 of their hard earned savings and other capital to use as they wish. By the end of the currently Assembly, the limit will be raised to £50,000.
“This is another firm example of this Welsh Government delivering its commitments to the people of Wales.”
