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Will Obamacare-induced care bills ruin the savings of our elderly?

Posted: November 6, 2012 |   Comments

A rising number of elderly people face losing "almost all of their wealth" to pay for social care, after the Government admitted it was "unable to commit" to reforming the system.

In a stark assessment of the growing crisis in elderly care, a government report warns that the country may not be able to afford to fund a cap on care costs for a rapidly expanding ageing population.

The report, released this week, depicts a bleak picture of the future, with a growing number of pensioners slipping into poverty as they use up their savings to fund care and rely on friends and family for help. It lays bare the scale of the task facing ministers and will increase the pressure on David Cameron to address the issue.

An official review of the social care system published last year recommended that the Coalition should introduce a cap of ?35,000 on the maximum amount that people have to pay towards a nursing home.

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