The calculator has been designed to help people who are funding all or part of their own long term care fees understand how much they will personally have to pay – and for how long – before they reach the Dilnot model cap.
Chris Horlick, chairman of PayingForCare.org, 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.
“This is a particularly useful tool as the results can also be discussed with a specialist regulated care fees adviser who can provide guidance on how to structure their finances most appropriately to meet the cost of care.”
Currently, 24% of self-funders deplete their assets to such an extent that they ‘fall-back’ on state support at a cost of £425m in 2011/12.
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.
In addition, those people who already know the level of support they can expect and the cost of their chosen care home also have the option to input their own figures.
Once they have accessed the calculator, they can also use PayingForCare.org to speak to a full accredited specialist care fees adviser via the innovative real time web-chat service to start planning their finances.