The next Welsh Labour Government will more than double the capital limit for people going in residential care.
Raising the capital limit to £50,000 from 24,000 will leave people with 26,000 more of their hard earned savings, to help them in later life.
It is estimated that one in five people in residential care in Wales are self-funding their care at the moment, while 28% of people receiving nursing care are self-funders. As at March 31st 2015, there are 7,764 people aged over 65 in residential placements in care homes in Wales, and 7,385 people aged over 65 in nursing placements in care homes in Wales.
The changes will be easy to introduce with a simple amendment to regulations under the Social Services and Well-being (Wales) Act.
Speaking about the pledge, Welsh Labour's Health Minister Mark Drakeford said:
“Welsh Labour has always stood up for older people in Wales. We introduced a weekly cap on home care charges and important rights for older people in Wales."
"We know people 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. That's why Welsh Labour will more than double the amount people can keep before care fees are paid - this means more people will not have to pay for care, allowing them to pass on something to their families"
"We believe it is right that those who have played fair and paid in deserve a better deal."