Article preview: A new report from the Institute and Faculty of Actuaries (IFoA) has proposed a change to the system of means testing for adult social care which would make some financial products exempt. The proposal comes ahead of the much-anticipated publication of a government green paper on adult social care funding. Following the addition of the Care Act 2014 to the statute book, a number of care funding reforms were delayed, with a green paper instead promised to set out new options. One of the planned reforms was to change how means testing applied to those needing local authority financial support for their care costs.
Care funding means testing proposals to encourage savers
This 841 word blog post considers proposals in a new report from the Institute and Faculty of Actuaries (IFoA) which are designed to encourage savings with a change to the means-testing thresholds and assessment for adult social care. Explains the deferred threshold changes from the Care Act 2014. Written on 27th February 2019.
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