PayingForCare.org has launched a care cap calculator to help advisers and their clients make informed funding decisions.
The calculator will help people understand how much they will need to pay - and for how long - before they reach the Dilnot model cap. It will also help people understand how much they will still need to pay once the cap has been reached.
The proposed Care Bill sets out legislation to introduce a cap on social care costs which will be set at £72,000. It will be introduced in April 2016.
Currently 57% of people in residential care fund all or part of their long term care fees. 24% of these self-funders depleted their assets to the point they fell back on the state at a cost of £425m in 2011/2012.
Over half (54%) of over 45s are confused by government announcements on care. The calculator helps people understand the proposed new system and thereby to encourage them to plan and prepare for future care costs.
The calculator uses factors such as the region that the person lives in, the level of care that they may need, their available assets and the expected level of state funding to determine what financial provision they need to make.
Once they have accessed the calculator, they can also use PayingForCare.org, a not for profit website, to speak to an accredited specialist care fees adviser.
PayingForCare.org chairman Chris Horlick said: "Many people find that navigating the care funding system can be confusing and difficult. We have developed this calculator which provides people with an indication of what they can expect to pay and for how long under the proposed care cap model."
