PayingForCare has launched the UK’s first Care Cap Calculator
- Wednesday 7 August 2013
- Participating organisations:
With 57% people in residential care funding all or part of their own long term care fees, and with 70%+ of residents having dementia, this dynamic tool will help them to understand how much they will personally have to pay - and for how long – before they reach the Dilnot model cap. The calculator’s launch also follows a call for further consultation on the implementation of the Care Bill by the Minister Norman Lamb, MP.
Over half (54%) of over-45s are confused about Government announcements on care so this new service will allow them to make more informed decisions and reduce the risk of running out of sufficient funds by helping them to plan their finances. Key information will include:
- How much they will have to pay before they reach the cap
- How many years it is likely to take before they reach it
- How much they will still need to pay once they have reached the cap
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. This dynamic tool seeks to provide useful information to help 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.
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 fully accredited specialist care fees adviser via the innovative real time web-chat service to start planning their finances.”
For more information visit: www.payingforcare.org/care-cap-calculator