No elderly person will have to sell their home to pay for care.
The coalition government has agreed a new settlement which caps the cost of long-term care for the elderly, and has promised that
"From April this year, no one will have to sell their home to fund care.
Those unable to afford fees will get the right to defer paying."
That's the Coalition's promise to the elderly as made in today's Sun and in other Sunday newspapers. Health secretary Jeremy Hunt will formally announce tomorrow that, from 2017, the elderly will have to pay a maximum of £75,000 towards their care costs before the taxpayer starts to help them.
The aim is that the £75,000 cap - double the amount recommended by Andrew Dilnot's Commission - will strike the right balance between supporting those who've saved, without imposing heavy new taxes on working families.
One of the ways in which the Coalition will fund a reform which is expected to cost £1 billion reform is a further three year freeze in inheritance tax thresholds. This second three year freeze - following one already introduced by Alistair Darling - will raise about another £200 million per year for Treasury coffers.