According to research from pension provider Partnership, drawn from a survey of 2000 people aged over 45, 54 per cent of people do not understand the cap on care.
The survey came as Partnership launched a care cap caculator through its care advice website Payingforcare.org.
The calculator, which went live today (Monday 29 July), was designed to help people understand how much they will have to pay, and for how long, before they hit the government’s new limit of £75,000 for funding care fees.
The tool will base its estimations on factors such as where the user lives, the level of care they might need and their current financial situation.
Chris Horlick, chairman of PayingForCare.org and managing director of the care division at Partnership, 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.”