Selling your home to pay for care

The Alzheimer’s Society has responded to recent research released by NFU Mutual, which found that around three quarters of people who go into residential care might have to sell their home to pay for care.

The research also found that half of councils have been forced to cut spending on residential care in the last four years.

Alzheimer’s Society highlights that currently in England anyone with assets, including their home, worth more than £23,250 receives no financial support for social care. Reforms in the social care system, announced earlier this year, will see this amount rise to £118,000 in 2016 and the upcoming changes will also see the introduction of a cap of £72,000 to a person’s contribution to their own social care costs.

“A person can find themselves paying tens of thousands of pounds a year for their care, just because the disease they have happens to be dementia,” commented Alzheimer’s Society. “It’s sadly not surprising to see more than one million families selling their home within five years. These financial worries add an unfair burden to those living with dementia and their families.

“While the government has started to address these issues, if we are to see a solution, we have to go further than token gestures and ensure that people aren’t being financially penalised.”

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