People in Wales are now able to keep up to £40,000 of their money before they need to self-fund the full cost of their residential care.
Wales’ care savings limit is the highest in the UK. Currently, people in England and Northern Ireland who have capital and savings of more than £23,250 having to fund all of their own residential care.
The Welsh Government has committed to increasing the capital limit used by local authorities who charge for residential care from £24,000 to £50,000 during the current assembly period.
The capital limit increased to £30,000 in April 2017, benefiting around 450 care home residents.
Social care minister Huw Irranca-Davies confirmed that, by the end of the current assembly in 2020, the limit will have been raised to £50,000.
“This is another firm example of this Welsh Government delivering its commitments to the people of Wales,” he said.
Currently there are up to 4,000 care home residents in Wales who pay for the full cost of their care.
