- Posted by: Mike Hedges MS
- Categories: Latest News, Press Releases
Mike Hedges AM welcomes People in residential care keeping more of their money
As of this month (April) people in residential care, will get to keep more of their money.
A local Assembly Member Mike Hedges AM has welcomed the increase to the amount residents can keep (the capital limit) from £40,000 to £50,000.
There are up to 4,000 care home residents, in Wales, who pay for the full cost of their care. Increasing the capital limit to £50,000 has the potential to benefit a significant number of these, depending upon the value of the capital they hold.
Welsh Labour pledged at the 2016 Assembly elections to increase Capital limits £50,000 by 2021. This month’s implementation means they have met the pledge two years early.
Mike Hedges AM said: “I am delighted the Welsh Labour Government have met this pledge two years early”
“When I speak to residents, they tell me that they are worried about the costs of care and the thought of having to use their life savings or selling their homes to pay for care, when they get older.”
“Welsh Labour has always stood up for older people in Wales. That why we promised to more than double the capital people can keep when in residential care – freeing up more of people’s money for them to use as they wish.