At the moment, AOG, if you have care in your own home (arranged by Social Services), when they assess how much you will have to contribute towards the cost of your care, the value of your property IS NOT taken into consideration, nor are any savings under £23,500.
If you are in a care home, then the value of your property IS taken into consideration.
What the Conservatives are proposing is that property values WILL be taken into consideration, minus 100K, regardless of whether you are in a care home when deciding how much to contribute.
So if your house is worth 250K, Social Services will be able to ‘earmark’ 150K of it to pay for your care at home, which they will take when the house is sold after death. Leaving 100K for you to leave as inheritance for your loved ones.
And let’s remember that it is Social Services who can decide if you need care. You won’t have a say, nor will your family. (Been through this with my Dad).