PayingForCare.org – a not-for-profit website – has launched the Care Cap Calculator to help people understand how much they will need to pay – and for how long – before they reach the Government’s care cap.

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.

Chris Horlick, PayingForCare.org chairman, 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.”

You can access the care cap calculator here.