The Care Cap
If you’re receiving care in your own home, you will be subject to slightly different regulations than care home residents. To hit the limits, only your stocks, shares and savings are counted for, not your home. Plus all the money you spend on care will be counted towards your cap; the government will fund anything outside. Similarly, if you are in a couple, then the care and living cost is shared between you.
Cap on care costs in England- how does it apply to me?
Since social care is a personal expense, many users across the U.K. have often been burdened with paying for services out of their budget. There’s been cases where care homes have overcharged, making care costs unpredictable and hard to afford for many. Those who could afford social care costs in the U.K. have faced the risk of losing a lot of their income, savings and assets.
To stop this, the U.K. government placed a cap on care costs, providing financial benefits to those receiving home care, and it applies to adults in the U.K., regardless of their age.
Cap on care costs U.K. explained.
At present a cap on your total expenditure for social care costs of £72,000 for your entire lifetime. However, a new cap comes into effect from October 2023, costing £86,000. Once you hit that, the state will intervene to help you. In addition to the spending caps, some limits have been set to help the government with a financial assessment. Here you can receive financial support towards the health care cost.