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"The cap on care costs is not as straightforward as it sounds," said Caroline Abrahams, the charity's director. "There is a lot of devil in the detail with the funding reforms.

"Unfortunately, the small print generally makes the new system less generous than originally hoped."

But the Department of Health insisted that the changes would still ensure that "no one" should be forced to sell their home in their lifetime to pay for care and would dramatically expand the number of people who qualified for support.

The report goes on to warn that pensions are "unlikely" to be able to meet people's living costs in retirement and the care they may need. From 2016, the care system for elderly and disabled people in England is to be overhauled. Currently anyone with assets, including their home, worth more than £23,250 gets no help.

The Care Bill, based on recommendations by Sir Andrew Dilnot, raises the threshold to £118,500 and caps individual care costs.

The cap level of £72,000 is more than twice that envisaged by Sir Andrew but ministers say it will save people from "catastrophic" costs.

However, the report makes clear that it does not mean that anyone who has spent £72,000 on care will then have their costs met.

The cap excludes accommodation costs, which account for about a third of a care home bill. It will also not include the full amount many in residential homes have to pay for care. Only the official local cost of care will count, that is the amount a council says it would pay for a place in a home, which is often significantly lower than most privately-funded residents pay. Money people spend on care before they have been officially deemed by social workers to be frail enough to be in need of support will also not count. Thomas Kenny, one of the report's authors, said: "Anyone who is expecting that the cap will pay for care is in for a shock.

"The cap is there to protect against catastrophic care costs and we estimate that few people entering care aged 85 years will reach it."

A spokesman for the Department of Health said: "Our reforms will mean more people get financial help sooner and keep more of their wealth.

"We are introducing the first ever cap on care which will protect people from catastrophic care costs and deferred payments so no one should be forced to sell their home in their lifetime to pay for care.

"On top of the cap, we have increased the means testing level so that Government help kicks in far earlier than before."