Prime Minister Theresa May promised to introduce the ‘floor’ for aged care charges during last year’s election. While the level of the cap is yet to be decided, it would limit how much people need to pay for aged care – and means residents will not be forced to sell the family home to pay for aged care.
Under the current system, children often have to sell the family home after their parent’s death to re-pay the Government’s costs.
But someone with cancer can leave their home to their family because their medical treatment is provided free under the UK’s National Health Service – which former ministers and families argue is unfair.
Letting go of the idea of inheritance
But we have to ask – what is more important, receiving an inheritance or ensuring parents receive quality care?
I wouldn’t expect my kids to pay for my care out of their own pocket, potentially dipping into savings or putting off retirement until later.
In the UK, a group of MPs has now proposed a new tax for over-40’s to help meet the growing need for aged care.
It’s not a bad idea – while none of us likes the idea of paying more, it’s worth doing for a system we can all rely on.