The 0.5% is calculated based on what is known in France and also looking at the Diamond Princess, which is probably the best ‘total population’ study we have, although with a skewed base. It doesn’t take into account care homes.
Care homes account for less than 1% of the population but around 50% of coronavirus deaths. You could argue that they should be included as they are such a high share of deaths. However, this would give a really misleading death rate for the general population as people in care homes have a very low life expectancy, so even a mild illness can be fatal. With care homes, the virus is bringing forward deaths that would have happened months later. Of course that is sad for the families, but it gives a totally misleading indicator of the risk to the rest of the population.
Even excluding care homes and just looking at hospital deaths as in Italy, around half of coronavirus deaths are in the over 85s.