The Welsh Government has announced that people will be able to keep up to £40,000 of their savings before having to self-fund residential care costs.
The savings cap has been increased from £30,000 to £40,000 as part of the government’s commitment to increase the capital limit from £24,000 to £50,000 during the current Assembly term.
Social Care Minister, Huw Irranca-Davies said: “This is the second step in delivering one of our top six ‘Taking Wales Forward’ commitments to more than doubling the amount of capital a person in residential care can retain without having to use this to pay for their care.
“This is another firm example of this Welsh Government delivering its commitments to the people of Wales.”
The capital limit for people in Wales is the highest in the UK. In England the cap is set at £23,250.
Around 4,000 care home residents pay for the full cost of their care in Wales. Around 450 residents have already benefitted from the increase last year.