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Spending on Elderly is Cut by 8 Percent
05/07/2011
It was recently revealed in the national press that there will be a cut in public spending on care of more than £600 million. This has launched a review that will recommend that 'middle incomed' pensioners should expect to pay up to £50,000 for their care. It will be encouraged for individuals to take out insurance in order to cover these costs.
Currently, anyone with savings or assets above £23,250, including property, has to pay for their care in full, forcing thousands to sell their homes. Those who do not buy an insurance policy could have to downsize or raise equity from their homes to get the money they need.
Homeowners aged over 55 years who are worried about their care and would like to know how much money the value of their property could release to increase their income, can find out by contacting therightequityrelease.co.uk for equity release advice.
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